CardioTech sells catheter and disposables technology unit to Tacpro:
This article was originally published in Clinica
CardioTech International has divested its catheter and disposables technology (CDT) subsidiary in line with its strategy to focus on biomaterials. Wilmington, Massachusetts-based CardioTech sold the CDT unit, which includes a manufacturing facility in Minnesota, for $1.2m to Tacpro, a firm specialising in catheters and delivery systems. Net of escrow funding and transaction costs, the proceeds for CardioTech are some $734,000. The purchase will allow Tacpro, of Campbell, California, to expand its operations into the US Midwest region, said the company's president and CEO Nitin Matani. Aside from its CDT business, the last 12 months have also seen CardioTech divest its Gish Biomedical subsidiary to German company Medos Medizintechnik (see Clinica No 1264, p 17). CardioTech has been sharpening its focus on its materials science business, which it believes is "low capital intensity and has the potential to grow rapidly and generate a stable licence-based revenue stream with attractive profitability".