Delay in Acquisition by Cardiac Science

Cardiac Science Inc. said Thursday that continued reviews by federal regulators have delayed for a third time its plans to acquire a Swedish maker of patient monitors and defibrillators.

The struggling Irvine maker of defibrillators said in a news release that the pending $20-million stock swap to purchase Artema Medical AB was delayed "to satisfy U.S. regulatory requirements."

Cardiac, whose accountants raised doubts in February about its ability to survive, has been trying to raise money. It has only enough cash to last until September, according to a document filed with regulators in April.

The company said it remained committed to closing the $20-million stock deal but failed to provide a specific date for its completion. In the same release, Artema Chief Executive Thomas Axelsson said he hoped the transaction would close as quickly as possible.

Two weeks ago, Cardiac said it had renegotiated its $72-million deal to acquire Survivalink Corp. in Minneapolis, the nation's third-largest manufacturer of portable defibrillators.

Cardiac stock gained 17 cents Thursday to close at $2.85 a share on Nasdaq.

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