May 2, 1999
Radiance Medical Systems Inc.: The Irvine medical products company reported a first-quarter net loss of $6.3 million, or 60 cents a share, which included a one-time charge of $4.2 million related to an acquisition. A year ago, the company lost $2 million, or 22 cents a share. Revenue was down 28% to $1.8 million from $2.5 million.
January 15, 1999
CardioVascular Dynamics Inc.'s proposed acquisition of Radiance Medical Systems Inc. has been approved by shareholders of the biomedical firms, the companies said. The combined Irvine-based company will be named Radiance Medical and its stock is scheduled to begin trading Jan. 25 on the Nasdaq market under the symbol RADX. Radiance, once a unit of CardioVascular, was spun off in 1997 to develop technology that uses radioactive drugs to treat vascular diseases.
January 24, 1999
Irvine medical equipment maker Radiance Medical Systems Inc. said it has sold its Vascular Access business unit to Escalon Medical Corp., completing a deal begun in October. Radiance, formerly CardioVascular Dynamics Inc., will receive an initial payment, a follow-up payment on the transfer of the assets and technology, and royalties on net sales of the former Radiance products for a period of five years, the company said. Further terms were not disclosed. Escalon, based in Wayne, Pa.