Cardiac MRI developer Magna-Lab increased its net loss to $1.9 million for its 2001 fiscal year (end-February 28), nearly double the net loss of $1 million reported in fiscal 2000. Nevertheless, the Edgewood, NY-based firm said its working capital situation has improved thanks to $7 million in new private equity received during the year. Magna-Lab had working capital of approximately $5.3 million by the end of fiscal 2001, compared with $277,000 at the close of fiscal 2000.
The company recently received regulatory clearance to market its newest product, Cardiac View. The device is a transesophageal receiving coil used in conjunction with an MRI scanner to produce high-resolution MR images of the heart.
By AuntMinnie.com staff writersMay 29, 2001
Related Reading
Magna-Lab gets clearance for Cardiac View, May 23, 2001
Magna-Lab submits 510(k) for Cardiac View surface coil, March 20, 2001
Magna-Lab retains Covance, March 7, 2001
Magna-Lab files for FDA clearance, February 27, 2001
Magna-Lab names Geisel CEO, February 21, 2001
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