Trimedyne Funds Unit

Trimedyne Inc. said it named a president for its Cardiodyne Inc. subsidiary and invested $2 million in the unit.

E. Phillip Palmer, former vice president of corporate development at St. Jude Medical Inc., was named president and chief operating officer of Cardiodyne. The position is a new title.

The medical-devices maker said the $2-million investment will be used to develop a laser system to treat clogged arteries.