Trimedyne’s Stock Enjoys 2nd Wild Ride, Up 75 Cents

IRVINE — Medical laser maker Trimedyne Inc. continued its rocket ride on Wall Street as investors clamoring for the company’s stock traded more than 18 million shares Wednesday. That’s almost twice the total of 9.5 million shares that the 16-year-old company has issued, meaning most Trimedyne investors were involved in several transactions.

Trimedyne’s stock price, which closed at a sedate $3.44 a share Monday, soared as high as $16.25 a share Wednesday in Nasdaq trading before settling back to close at $10.875, a gain of 75 cents for the day. The price had nearly tripled Tuesday after the company announced that it had received long-awaited federal approval to market one of its laser products specifically for treatment of noncancerous enlargement of the prostate--a condition that affects about half of all males over 50.

Investors perceive the market for Trimedyne’s laser to be huge. The process permits prostate reduction surgery to be done without hospitalization and at a savings of 20% to 30% from the cost of traditional prostate surgery.