Ingen Technologies Inc (IGNT)

[DAD2]

Tiny Medical Company Looking For a Buyer.


Ingen Technologies - a tiny Yucaipa-based medical respiratory and diagnostic device maker - says it will "explore" selling the company.
"Our latest news regarding the recent debt reduction and expected profitability in our coming fourth quarter has opened doors with larger and proven successful publicly traded medical companies to acquire Ingen," said CEO Scott Sand in a company statement.

The company has hired an investment banker to look at potential acquisition offers.

Ingen "would only consider a buyout based upon the value of the assets, including the increased value in the patents and intellectual property," said Thomas Neavitt, chief financial officer, in the statement.

On Monday, the company said it expects to make a profit between October and December.

Any earnings would be good news. Ingen reported $8.1million in losses over the last three fiscal years.

The company also had a $10.6million deficit as of May31 and "must decrease its cash burn rate" to grow the business, according to Securities and Exchange Commission filings.

On Thursday, Ingen said it increased the first shipment of Oxyview-Nasal Cannula orders from 10,000 to 62,000 units, and increased production inventory for June to 100,000 units, totaling in a revenue value of $2.8 million.

Oxyview-Nasal Cannula is a device the company started manufacturing earlier this month that's used to deliver supplemental oxygen to patients.