Nasdaq-listed China Medical Technologies Inc<CMED>, a Beijing-based maker of ultrasound and in-vitro diagnostic products, announced that it has completed the sale of its High Intensity Focused Ultrasound (HIFU) tumor therapy system business to its major shareholder Chengxuan International Ltd.
The company sold the HIFU business for US$53.5 million, said China Medical in a statement, adding that it has become an advanced company focusing on the manufacturing of in-vitro diagnostic (IVD) systems.
Proceeds from the sale will be used to fund development of the fast growing molecular diagnostic businesses in the future, sources reported.