CardioTech to Sell Unit for $6M

CardioTech International Inc., a manufacturer of medical devices to treat cardiovascular disease, said Thursday it will sell one of its subsidiaries to Germany-based Medos Medizintechnik AG in a $6 million stock deal. CardioTech expects to receive $6 million from the sale of its subsidiary Gish Biomedical Inc. That figure, excludes $500,000 in transaction costs and $1 million that will be held in a one-year escrow account to cover any outstanding costs to Medos. The Stolberg, Germany-based company, which makes medical devises for cardiac surgery, is buying Gish Biomedical to break into the U.S. market. SOURCE: Forbes