Radiance Drops Plans for Balloon Catheter
Times Wire Services
Medical products maker Radiance Medical Systems Inc. in Irvine, seeking to preserve cash, said Friday it has scrapped plans to produce a promising balloon catheter for the European market.
Radiance, which has lost money for years and currently has $23 million in cash, said it will concentrate on gaining U.S. regulatory approval of the catheter and seek a partner to distribute the device in Europe.
The RDX system, which delivers radiation via a balloon catheter, has received European approval.
The stock, which has lost 88% of its value over the past year, hit a 52-week low of $1.15 a share before closing at $1.35, off 35 cents for the day in Nasdaq trading.
