Med-Design Posts Loss of $5.21 Million for 1997

Med-Design Corp. in Ventura reported a loss of $5.21 million or 66 cents per share for the year ended Dec. 31, compared to a loss of $4.32 million or 63 cents per share a year earlier.

The increase in net loss is primarily attributable to the issuance of warrants related to stock-based employee compensation. Without that, the loss for the company in 1997 was essentially the same as in 1996, Med-Design officials said.

The company also announced that through March 16, it had received approximately $798,700 from the issuance of 163,000 shares of common stock pursuant to the exercise of outstanding warrants.

Med-Design has signed an agreement with Graphic Controls Corp. for the development and licensing of its Safety Intravenous Catheter Insertion Device. As part of the agreement, Med-Design will receive payments totaling $3.72 million.

Med-Design holds various U.S. and international patents on safety devices designed to reduce the number of accidental needle sticks in medical situations.