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news.Implant Sciences has signed a definitive agreement with Best Medical International to sell certain intellectual property and other medical assets used in Implant Sciences's discontinued brachytherapy products business.
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The agreement provides for Best to make an initial $100,000 payment to Implant Sciences upon execution of the agreement, as well as pay an additional $100,000 and $200,000 thirty days and sixty days following the signing of the agreement, respectively. The transaction is expected to close by September 18, 2008.
Phillip Thomas, CEO and president of Implant Sciences, said: “This agreement, combined with the recent sale of our medical related xenation assets, brings us closer toward achieving that goal.
“The transaction allows us to further streamline our business and focus on continued growth and expansion of our security products while generating additional cash for the company.”