Trimedyne to Sell Stock Shares
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IRVINE — Trimedyne Inc. announced plans Wednesday for a private offering of 1.1 million shares of stock and 280,000 five-year warrants to raise $9.5 million.
The company, which manufactures laser systems for surgical and cardiovascular purposes, will use the money to increase its working capital for product development and other uses.
The company said the offering became effective Tuesday.
Trimedyne’s stock has been on the rise since January, when the company won Food and Drug Administration approval to market two products.
The FDA will allow the company to expand to 10 the number of medical centers experimenting with its excimer cold laser. The procedure, an alternative to heart bypass surgery, had been allowed for use in three hospitals.
The company also won FDA clearance to market a laser to treat spinal disks that cause back pain.
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