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news.Misonix, a developer of minimally invasive ultrasonic medical device technology, has sold its ultrasonic laboratory business for $3.5 million in cash to iSonix. The ultrasonic laboratory business of Misonix manufactures scientific and industrial ultrasonic equipment.
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Michael McManus, Jr, president and CEO of Misonix, said: “We are pleased to further strengthen our balance sheet with the additional $3.5 million in cash from the sale of a non-core business. We expect to use the proceeds to pay down some of our bank debt, increase our working capital and other general corporate purposes.
“We also believe the transaction speaks to the underlying value of our businesses that we believe has not been reflected in our market capitalization today. Most importantly, this transaction also emphasizes our commitment to continue our growth initiatives and become a focused medical device company.”