SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

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                                    FORM 8-K

                                 Current Report
                     Pursuant to Section 13 or 15(d) of The
                         Securities Exchange Act of 1934


      Date of Report (Date of earliest event reported): December 22, 1998


                          THE SPECTRANETICS CORPORATION
               (Exact Name of Registrant as Specified in Charter)


           Delaware                      000-19711                84-0997049
(State or Other Jurisdiction of   (Commission File Number)     (I.R.S. Employer 
         Incorporation)                                      Identification No.)


                  96 Talamine Court, Colorado Springs, CO 80907
               (Address of Principal Executive Offices) (Zip Code)

                                 (719) 633-8333
              (Registrant's telephone number, including area code)

                                       N/A
          (Former Name or Former Address, if Changed Since Last Report)





ITEM 5. OTHER EVENTS.

     On December  22,  1998,  The  Spectranetics  Corporation  ("Spectranetics")
entered  into  agreements  with  investors  to  raise  $7,600,000  in a  private
placement of 3,800,000  shares of its Common Stock, par value $.001 per share. A
copy of Spectranetics'  press release dated December 30, 1998 is attached hereto
as  Exhibit  99.1 and the  information  contained  therein  is  incorporated  by
reference herein in its entirety.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

     (c)  The following exhibit is filed as part of this Report:

          99.1 Press Release of Spectranetics dated December 30, 1998.

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                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                         THE SPECTRANETICS CORPORATION
                                                  (Registrant)


                                         By:  /s/ James P. McCluskey
                                              -------------------------------
                                                  James P. McCluskey
                                                  Vice President, Finance and
                                                  Chief Financial Officer


Dated:   December 30, 1998

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                                  EXHIBIT INDEX

Exhibit
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 99.1     Press Release of Spectranetics dated December 30, 1998.

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