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2/19/2008 7:57:09 AM
CHATSWORTH, Calif.--(BUSINESS WIRE)--CHAD Therapeutics, Inc. (AMEX:CTU) announced that it has closed the sale of the assets related to CHAD's oxygen conserving business to Inovo, Inc., a privately held manufacturer of oxygen regulators and conservers based in Naples, Florida, for $5.25 million in cash, pursuant to an asset purchase agreement dated November 16, 2007. Earl Yager, CHAD's President and CEO, said, "We are pleased that we have completed the sale of our oxygen conserver assets, an important step in our plan to focus our future efforts on the sleep disorder market. We believe our sleep products offer unique features that can improve the diagnosis and treatment of sleep disorders such as obstructive sleep apnea. We recently filed an application with the FDA for clearance to begin marketing the first of our sleep products. With additional proprietary products in an advanced stage of development and a roadmap of additional product development opportunities based on our patented technology, we believe we have the opportunity to build CHAD's position in this large and growing industry. In addition, we will continue to actively pursue the sale of our trans-filling assets."
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