E.N. Phillips Seeks Funding for Poly-Optical Stock

E. N. Phillips Co., a struggling Woodland Hills company that recently got out of the health-screening business, said it retained an investment banking firm to complete the funding it needs to finish its acquisition of 90% of the common stock of Poly-Optical Products Inc., a fiber optics manufacturer.

E. N. Phillips said it has already paid Trimedyne Inc. for 12.5% of Poly-Optical, which had 1991 revenue of $2.3 million.

Mitsubishi Rayon Co. Ltd. will retain a 10% interest in Poly-Optical, E. N. Phillips said.

Last fall, E. N. Phillips closed all but one of its health-screening centers because of cost cutting by the centers’ sponsoring hospitals, and the company now says it has gotten out of the business entirely.