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New Jersey-based investment firm Blumberg Capital Advisors continues to trim its stake in Cambridge Heart Inc., selling 1.7 million shares in the heart-diagnostics developer between June 29 and Aug. 17.
The transactions brought Blumberg’s total holdings in Tewksbury-based Cambridge Heart (OTC: CAMH), a maker of non-invasive diagnostic tools for cardiac disease, to 3.23 million shares, or equal to 4.98 percent of the company’s common shares outstanding.
Since January 2006, when Blumberg and its principals, Laurence and Louis Blumberg, first disclosed owning a 12.3 percent stake, or 5.3 million shares, of Cambridge Heart’s stock, the investment outfit has orchestrated a steady flow of sales, according to regulatory filings. The company’s stock has since tumbled from roughly $1 a share to around $.08 a share, per Tuesday’s trading activity.
Earlier this month, Cambridge Heart said it narrowed its second quarter net loss through cost cutting, although it also reported lower revenue and dwindling cash for the three-month period.
Revenue for the quarter was $793,090, down from $927,448 for the corresponding period in 2008. The company narrowed its net loss for the second quarter to $1.8 million, from $2.6 million in the year-earlier period.
The company had $3.8 million in cash as of June 30, down from $6.2 million as of Dec. 31.
Cambridge Heart develops products for non-invasively diagnosing cardiac disease and those potentially at-risk for sudden cardiac arrest. Its tests include the Microvolt T-Wave Alternans Test, which can measure small fluctuations in heartbeat.
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