Diomed completes 1-to-25 reverse split stock:
This article was originally published in Clinica
Diomed has reduced its number of outstanding shares from 365 million to 14.6 million, following the completion of a 1-to-25 reverse split stock. According to Diomed president and CEO, James Wylie, the move should bring the share price of the Andover, Massachusetts company share into a range that is more acceptable to both retail and institutional investors. Diomed's first quarter results for 2004 showed a 39% increase in revenues over Q1 2003. Revenues generated by its endovenous laser treatment (EVLT) for varicose veins increased 53% over the same period last year. Diomed owns exclusive rights to the patent covering its EVLT procedure which was cleared by the FDA in January 2002.