MRI developer Magna-Lab of Lynnfield, MA, posted an increase in its net loss for the first quarter, with the company recording a loss of $1.2 million versus $847,000 for the same period last year. The company also said that it had $1.5 million in working capital at quarter’s end (May 31).
Magna-Lab also reported that it is moving to imaging healthy volunteers as well as clinical cases to increase the number of patients in its Illuminator cardiac MRI receiver-coil studies. According to Magna-Lab, patient enrollment to date has not yet met its goal, so the company is reducing and deferring marketing activities and infrastructure growth in order to focus its resources on clinical work and preserve cash.
By AuntMinnie.com staff writers
July 11, 2002
Related Reading
FDA clears Magna-Lab MRI components, May 24, 2002
MGH to study Magna-Lab coil for MR plaque imaging, January 14, 2002
Brigham and Women's to test Magna-Lab technology, October 15, 2001
Magna-Lab opens new HQ, October 5, 2001
Magna-Lab appoints engineering VP, September 7, 2001
Copyright © 2002 AuntMinnie.com
