Radiance Medical Systems Inc

The Irvine medical products company lost $1.9 million, or 17 cents a share, for the third quarter, compared with a net loss of $1.3 million, or 12 cents a share, for the comparable period in 1999. Revenue was up 27% to $1.9 million.

Medical products maker Radiance Medical Systems Inc. in Irvine, seeking to preserve cash, said Friday it has scrapped plans to produce a promising balloon catheter for the European market. Radiance, which has lost money for years and currently has $23 million in cash, said it will concentrate on gaining U.S. regulatory approval of the catheter and seek a partner to distribute the device in Europe. The RDX system, which delivers radiation via a balloon catheter, has received European approval.

Radiance Medical Systems Inc. said Tuesday it has been granted four new patents for a variety of features in the Irvine company's catheter products. The stock, which has more than doubled so far this year, closed at $10.25, down 25 cents a share.

Beckman Coulter Inc., a Fullerton provider of medical laboratory products, said net income for the second quarter rose 14% to $36.8 million, or 58 cents a share, from $32.4 million, or 53 cents a share, a year ago. Sales increased 6% to $496.4 million. Other Orange County company earnings: * Onyx Acceptance Corp., a Foothill Ranch automobile finance company, said second-quarter net income totaled $1.8 million, or 35 cents a share, up 13% from $1.

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.

Radiance Medical Systems Inc. named President Jeffrey Thiel chief executive officer, replacing founder Michael R. Henson on Jan. 2. Henson will remain chairman of the Irvine medical products maker. Thiel, who was named to Radiance Medical's board, also is the company's chief operating officer. He joined Radiance in 1996 as vice president of manufacturing operations and was promoted to his current positions in 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.

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.

The Irvine medical products maker reported a first-quarter net loss of $3.2 million, or 25 cents a share, compared with net income of $1.4 million, or 13 cents a share, for the first quarter of 2000. Revenue declined 17% to $2 million.

Radiance Medical Systems Inc. stock surged nearly 39% Wednesday after bullish comments from analysts about the Irvine company's clinical trials for a radiation balloon catheter. Shares of the Irvine medical products maker climbed $1.19 to $4.25 in Nasdaq trading, one of the best percentage gains in U.S. markets. Earlier in the session, the shares traded as high as $4.50. Analysts said the company's U.S. clinical studies remain on track. A day earlier, Prudential Securities Inc.

Radiance Medical Systems Inc. named President Jeffrey Thiel chief executive officer, replacing founder Michael R. Henson on Jan. 2. Henson will remain chairman of the Irvine medical products maker. Thiel, who was named to Radiance Medical's board, also is the company's chief operating officer. He joined Radiance in 1996 as vice president of manufacturing operations and was promoted to his current positions in 1999.

Shares of Radiance Medical Systems Inc. shot up 22% Wednesday after the Irvine medical products maker reported positive results in the initial phase of a clinical study on one of its radiation delivery catheters. Radiance said in a press release that none of the 27 patients in the study experienced atherosclerotic blockage, or restenosis, from treatment of atherosclerosis.

Radiance Medical Systems Inc. said Tuesday that its offering of 2.8 million shares of common stock was priced at $9.50 a share. The Irvine company offered 1.5 million of its shares, raising nearly $13.4 million. The remaining 1.35 million shares were owned by former parent EndoSonics Corp., which is unloading its entire stake in Radiance. Radiance will use the proceeds from its 1.

Radiance Medical Systems Inc. plans to sell about 2.85 million shares of common stock, according to a registration statement filed with the Securities and Exchange Commission. The stock sale will include 1.5 million shares that the company will offer and about 1.35 million shares that its former parent company, EndoSonics Corp., will sell, according to the filing. The 1.35 million shares represent EndoSonics' entire stake in Radiance Medical.