Escalon Medical has sold its guided-needle product lines to Vascular Solutions for about $5.8 million, plus a one-time payment of 25 percent of the net sales of the company's VascuView TAP products sold between July 1, 2010 and June 30, 2011.
"The divestiture of the Vascular Access product line was based on extensive strategic evaluation which concluded that the divestiture of these non core product lines would enable us to better focus our efforts and resources on our Ophthalmic and IVD businesses," says Richard DePiano, Jr., Escalon president.
Escalon also will receive $750,000 in cash when the manufacturing transfer is completed, a process it expects to complete within four months.
- see Escalon's press release
- check out Forbes' story