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Possis Medical's Reversal of Fortune

The Star Tribune of Minneapolis has a device-industry story with an angle not often seen in the mainstream media: A small device company battling back after being left for dead by investors. Possis Medical (Coon Rapids, MN), maker of a system that breaks up and removes blood clots, saw its share price plunge 40% in August 2004 after unfavorable results of a clinical trial were released. A good chunk of its sales force decided to leave the company. Yet the worth of its technology remained.

(The unfavorable trial had shown it was of little help to heart-attack patients. Its value has been proven for other patient populations.) On my trip to the Twin Cities a year ago, Possis Medical was one of my stops. I was impressed by how those who remained had great faith in the technology and were determined to see through a company turnaround. Now, with seven applications for new products or new uses for existing products pending before FDA -- and concern that drug-eluting stents may cause blood clots -- Possis may be about to execute that turnaround. Kudos to Star Tribune reporter Janet Morse for taking note.

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