Cardiac Science Inc.: The company, which ran...

Cardiac Science Inc.: The company, which ran out of money and shut down operations in May, said Tuesday that it has raised $3 million from investors and will resume research and development of heart monitoring machines.

The Irvine company refused to divulge any information about the private placement of newly issued stock and refused to say how much stock the new investors control.

Proceeds from the stock sale will be used to help the company complete its clinical testing and obtain federal approval for its monitors. One of them, a bedside machine that detects abnormal heart rhythms and automatically sends small electrical jolts to correct them, is ready for its second phase of testing. Smaller, mobile units are still in development.

The research and development have already cost Cardiac Science the initial $3-million investment it received in 1991 when it was spun off as a separate company by Cytocare Inc., an Irvine medical device maker.