CardioTech to Sell Gish Biomedical to Medos for $7.5M

 

July 6, 2007

July 6, 2007 - CardioTech International Inc. announced that it has signed an agreement to sell its Gish Biomedical Inc. subsidiary in a stock transaction to Medos Medizintechnik AG (Medos) for nearly $7.5 million in a move that will allow CardioTech to invest the proceeds in its growth initiatives.

Medos Medizintechnik AG is a developer and manufacturer of medical devices for cardiac surgery, extracorporeal membrane oxygenation and Ventricle Assist Devices (VAD), and the purchase of Gish provides Medos with an opportunity to enter the U.S. market for disposable medical products used in cardiopulmonary surgery. The sale of Gish is expected to close on or about July 9, 2007.

For more information: www.cardiotech-inc.com