Escalon Medical Corp divests clinical diagnostics business for USD6.5m
Oct 05, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Surgical products company Escalon Medical Corp (nasdaqcm:ESMC) reported on Thursday that it has completed the sale of its Clinical Diagnostics Business to ERBA Diagnostics Inc (nyse mkt:ERB) for USD6.5m in cash.
The Escalon Clinical Diagnostics Business (ECD) consists of Drew Scientific Inc and its wholly owned subsidiaries JAS Diagnostics Inc (JAS) and Drew Scientific Limited Co.
ECD develops A1c and Hematology diagnostic instruments, reagents and chemistries. Drew provides instrumentation and consumables for physician office labs, small hospital labs and veterinary research laboratories. JAS specialises in making the liquid stable, diagnostics chemistry reagents used in IVD tests.
Escalon Clinical Diagnostics recorded revenues from operations of USD12.985m, USD13.708m and USD18.077m in fiscal 2012, 2011 and 2010, respectively.
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