Chicago Financier Acquires 5.6% of Santa Ana Firm

Chicago financier Irving B. Harris and his associates have acquired 5.6% of Trimedyne Inc., a medical laser device manufacturer in Santa Ana, and may buy a “significant” stake in the high-technology company in the future, according to a statement filed with the Securities and Exchange Commission.

Harris is president of Standard Shares Inc., a publicly held holding company that purchased the Trimedyne stock. Harris and his associates have owned a small amount of stock in Trimedyne for several years. Harris could not be reached late Monday for comment.

“We are aware of the purchases and have had friendly discussions with Harris personnel,” said Trimedyne President Michael R. Henson.

Henson said there are no plans for Harris or any of his associates to join the Trimedyne board or to take a hand in the day-to-day operations of the company. But, he said, “They are very interested in our technology. At some point in time they might take a significant position in the company.”

Four-year-old Trimedyne is developing a fiber-optic laser to remove clots and fat deposits from blood vessels as an alternative to bypass surgery. The company lost $1.9 million on sales of $3 million in the fiscal year ended Sept. 30.