Luther Medical Products Inc. of Costa Mesa...
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Luther Medical Products Inc. of Costa Mesa completed its previously announced acquisition of Cobra Inc., its Swiss subsidiary. Cobra produces a special peel-away needle used to insert a flexible, plastic catheter that Luther Medical developed.
Luther Medical paid a total of $675,000 to buy out the partner that managed Cobra. The company had made an initial $300,000 payment in late 1983 and paid off the balance last year.
The buy-out will pave the way for a new marketing contract with a European medical firm, said Nick Space, vice president of business development at Luther Medical. Space predicted Cobra’s sales will reach $500,000 by the end of this year.
So far, the bulk of sales of the new catheter, which can remain in the body five times as long as traditional catheters, have taken place overseas. Of the $675,000 in ‘sales Luther Medical reported for fiscal 1984, $500,000 originated overseas. The 5-year-old company posted a net loss of $151,300 during the same period.
Space said domestic sales have lagged behind foreign sales because the company has devoted most of its energies to research and development.
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