Med-Design Reports 1996 Loss of $4.32 Million
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The Med-Design Corp., which has a research and development and manufacturing facility in Ventura, reported a loss of $4.32 million or 63 cents per share for the year ended Dec. 31.
This compared to a 1995 loss of $8.49 million or $1.71 per share. The 1995 loss, however, included a one-time charge of $1.20 per share, reflecting approximately $5.9 million paid for research and development costs in connection with the acquisition of Med-Design Inc. in April 1995.
Company officials said the increase in net loss for 1996 is primarily due to the fact that 1996 expenses reflect a full year of operations, as compared with approximately seven months of operations in 1995.
Med-Design also announced that through March 15, it had received $651,700 from the issuance of 133,000 shares of common stock pursuant to the exercise of outstanding warrants.
On Jan. 24, the company completed the private placement of 1 million shares of common stock, which netted approximately $4.67 million.
Med-Design holds various U.S. and international patents on safety devices designed to reduce the incidence of accidental needle sticks.
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