International Pharmaceutical Products Inc. said it has sold approximately 25% of its outstanding stock to STAAR Surgical Co., of Monrovia, for $4.5 million in cash.
Thomas Waggoner, STAAR's president and chief executive, said his company has no plans to acquire IPPI, a Costa Mesa-based drug maker.
The funds, to be paid over a two-year period beginning this month, will be used primarily for working capital, said Lionel Simon, IPPI's co-founder and president.
Simon added that the money also will boost IPPI's net worth from a negative $3.2 million to "very close to zero."
During the fiscal year ended July 31, IPPI had a net loss of $2.8 million, compared to a net loss of $1.9 million a year earlier. Revenues during the company's fiscal 1986 increased 85% to $3.7 million from $2 million a year earlier.