CardioTech narrows loss

February 15, 2007 12:46 PM E-mail| |Comments ()| Text size – +

Medical device maker CardioTech International Inc. today reported a narrower loss for its fiscal third quarter.

The company also said it will sell its Gish Biomedical Unit.

The company lost $826,000, or 4 cents per share, compared with a loss of $958,000, or 5 cents per share, during the same period a year prior. Revenue fell slightly to $5.4 million from $5.5 million.

Cash and funds totaled $4.1 million as of Dec. 31.

CardioTech hired investment banking firm Silverwood Partners to manage the sale of Gish, which makes disposable medical products for various specialties; including cardiovascular surgery, orthopedics and oncology.

"While Gish is a great business, it is not a fit with CardioTech's strategic direction, and the sale of Gish will permit the redeployment of capital into CardioTech's ongoing growth initiatives," said President and Chief Executive Michael Adams. (AP)