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news.North American Scientific, a provider of radiation therapy devices to treat cancer, has entered into a definitive agreement to sell its prostate brachytherapy product line to Best Theratronics, a part of the TeamBest family of companies.
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These products currently include Prospera brachytherapy seeds, SurTRAK needles and strands and various accessories used primarily in the treatment of prostate cancer.
North American Scientific (NASM) will receive $5 million for the product line, with $2 million being paid at the closing of the transaction and the remaining $3 million being paid in installments over the 12 month period following the closing. The transaction is expected to close in April 2009.
NAS and Best also entered into a short term management agreement which provides that Best will manage NASM’s prostate brachytherapy business from March 1, 2009 until the closing of the transaction.
John Rush, president and CEO of NASM, said: This divestiture allows us to focus exclusively on our implantable ClearPath devices which were developed to optimize local radiation delivery for the treatment of breast cancer. We believe that a focused effort on this exciting women’s health opportunity will give us the best chance to deliver the shareholder value that we strive for.