Nearly 7% of the outstanding shares of...

Nearly 7% of the outstanding shares of Gish Biomedical Inc., the Santa Ana maker of disposable medical products, have been purchased by Black & Co. Inc., a Portland securities broker, Black Financial Corp. Profit Sharing Plan and Lawrence F. Black, principal of the two firms, according to a filing Wednesday with the Securities & Exchange Commission in Washington D.C.

Black & Co. was an underwriter for a recent Gish public offering. The investment house initially purchased 55,556 shares of Gish common and bought an additional 40,000 shares of Gish common stock from the company on May 19, bringing its holdings to 95,556 shares. Black said it purchased the shares for “investment purposes,” according to the SEC filing.

Despite rising sales, Gish reported that earnings dropped 57% in the third quarter ended March 31.