Invitro International

InVitro International: The Irvine manufacturer of toxicity testing products and services posted a second-quarter net loss of $36,000, or less than 1 cent a share, compared with a net loss of $395,000, or 2 cents a share, for the comparable period a year ago. Revenue for the quarter ended March 31 declined 17% to $136,000 from $164,000.

InVitro International said Monday that it has revised its merger agreement with privately held Miragen Inc. of Irvine, so that InVitro shareholders will receive 10% of the common stock of the combined company after the deal is completed. The agreement still must be approved by directors of both companies. Miragen manufactures and markets biological testing products for human and animal identification in various clinical laboratory, hospital, animal and forensic applications.

InVitro International, which makes product safety test kits, posted a $198,000 loss for its fiscal 1998 third quarter and said it could be forced out of business unless it finds a merger partner by the end of the month. Company officials said they expect existing cash resources to last through the end of September. Beyond that, InVitro would only market products held in inventory.

Reporting the latest in a 12-year string of losses, toxic-testing specialist InVitro International said Thursday it plans to merge with an allied private company, Miragen Inc., which will wind up owning 80% of the new company. InVitro also announced Thursday that the Nasdaq Small Cap Market will no longer list its stock because its assets have fallen below $2 million. The stock, which closed unchanged Thursday at 18.75 cents, will trade over the counter.

Reporting the latest in a 12-year string of losses, toxic-testing specialist InVitro International said Thursday that it plans to merge with an allied private company, Miragen Inc., which will wind up owning 80% of the new company. InVitro also announced Thursday that the Nasdaq SmallCap Market will no longer list its stock because its assets have fallen below $2 million. The stock, which closed unchanged Thursday at 18.75 cents, will trade over the counter.

InVitro International, a floundering technical company, said it plans to merge with a foreign company that wants access to the U.S. stock market. Terms of the deal have yet to be decided, however. Irvine-based InVitro, a marketer of tests for hazardous substances and child-safety products, signed a letter of intent to merge with privately held Shenyang International Inc., a holding company whose primary operations are in northeastern China. InVitro trades on the Nasdaq Small Cap market.

InVitro International, a manufacturer of test kits and services, said it lost $1.9 million, or 15 cents a share, for the fiscal year ended Sept. 30, compared with a net loss of $2.8 million, or 23 cents a share, for the previous year. Revenue was unchanged at $1.1 million.

InVitro International, which sells a product for identifying abducted children, will start marketing it directly to new mothers in hospital maternity wards. "Virtually 100% of the new moms who've seen the product say, 'Where can I buy it?' " says W. Richard Ulmer, chief executive of the Irvine-based maker and marketer of safety-related products. Experts in child abductions and obstetrics say the item has merit but might have limited usefulness.