Niche MRI developer Magna-Lab is solidifying its financial position as it readies commercialization of its cardiac imaging technology. As of August 31, the Syosset, NY-based firm has generated working capital of $2.3 million, thanks to continued progress in previously announced financing commitments.
The $2.3 million in working capital represents an improvement of approximately $1.4 million since the first quarter (end-May 31) and a gain of approximately $2 million since end of its fiscal year (end-February 29), according to the company.
Magna-Lab recently completed pre-production animal tests of its Cardiac View imaging device. In its second quarter (end-August 31), Magna-Lab had a net loss of $341,000, compared with a net loss of $269,000 in the same period last year.
By AuntMinnie.com staff writersOctober 18, 2000
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Magna-Lab begins production of Cardiac View, June 1, 2000
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