Fighting String of Losses, Imagyn Wrapping New Deal

Imagyn Medical Technologies Inc., the troubled Newport Beach medical devices company, said Tuesday that it plans to sell a line of surgical needles and related items to Michigan-based Surgical Supply LLC for $7.65 million.

The sale marks another step in the loss-ridden company’s plan to refocus itself on a manageable core of businesses. Imagyn aims to complete the deal by the end of the month and use proceeds to reduce debt.

Investors evidently applauded the move. In over-the-counter trading Tuesday, the company’s stock rose 16 cents a share to close at 47 cents--its highest level since mid-August.

Last summer, the company began paring operations in an effort to regain its financial footing after losing $88.5 million, or $2.49 a share, for the fiscal year ended March 31.

Losses have continued since then, however. In December, its stock was delisted from Nasdaq’s SmallCap market because the company no longer met the market’s listing standards.

Company officials said Tuesday that they aim to sell off other operations soon.