Cardiac Science Shares Placed

IRVINE —  Cardiac Science Inc. has completed a $1.5-million private placement of common stock and will complete a 1-for-11.43 reverse stock split next Monday.

The stock placement, administered by Sorbus Asset Strategies S.A. of Zurich, was made at 17.5 cents a share on a pre-split basis, the company said. The reverse stock split will reduce the number of common shares outstanding to 5.9 million.

Proceeds from the financing will enable Cardiac Science to design the Powerheart automatic external defibrillator for production and begin manufacturing it for sale in selected European countries. This would allow the company to generate revenue while it awaits approval from the Food and Drug Administration to market the device in the United States, said Raymond W. Cohen, president and chief executive of Cardiac Science.