Trimedyne Inc., the Santa Ana-based maker of medical laser devices, said it has raised $3.3 million in a private placement of 250,000 shares of its common stock. The sale was managed by Smith Barney Harris Upham & Co.
The company said in a prepared statement that the shares were sold "to pension funds managed by two major institutional investment firms and to individuals associated with these firms." Company officials were not available for elaboration.
Proceeds from the sale will be used to expand Trimedyne's manufacturing facilities and its sales and marketing operations, the company said.