Birtcher Medical on the Road to Fiscal Recovery
- Share via
IRVINE — Birtcher Medical Systems, which in May hired a turnaround specialist as its chief executive officer, said Monday that it has raised $1.6 million from investors and from the sale of one of its money-losing product lines.
That means Birtcher, which makes surgical products, is about 20% of the way through its restructuring, said Kenneth C. Cleveland, CEO and president.
The company, based in Irvine, said it sold 961,667 shares of common stock for about $900,000. The money will be used as working capital.
Birtcher has also sold its Solos Endoscopy Division for $700,000 in cash, notes and royalties to Woodbine Optical Corp. of Sharon, Mass. Solos had been the leading reason for Birtcher’s financial losses, analysts said.
The company lost $18.9 million for the first nine months of the current fiscal year. That followed a $1.9-million loss for fiscal 1993 and a $1.2-million loss for the previous year.
The company also said Monday that an ongoing patent dispute has been settled. Birtcher said that Aspen Laboratories Inc., a subsidiary of Birtcher competitor Conmed, has withdrawn its request for an injunction against Birtcher.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
