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Biomedical Engineering
CardioTech Announces Agreement to Sell Gish Biomedical to Medos Medizintechnik AG for a Purchase Price of $7.5 Million
July 22nd, 2007
CardioTech International, Inc. (AMEX:CTE), a developer and manufacturer of advanced materials and medical devices for the treatment of cardiovascular and other diseases, announced that it has signed an agreement to sell its Gish Biomedical, Inc. subsidiary in a stock transaction to Medos Medizintechnik AG ("Medos") for a purchase price of approximately $7.5 million. Medos Medizintechnik AG, is a developer and manufacturer of medical devices for cardiac surgery, extracorporeal membrane oxygenation (ECMO) and Ventricle Assist Devices (VAD). Of the purchase price, $1.0 million will be held in a one-year cash escrow to fund CardioTech's post-closing indemnification obligations to Medos, if...
Source: Medical Devices & Surgical Technology Week (2007-07-22)
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