Hemagen Diagnostics, Inc. (HMGN) Announces Gain On Sale Of Baltimore Property, Books Approximately $1 Million In Cash On Balance Sheet
7/31/2006 11:50:11 AM
COLUMBIA, Md.--(BUSINESS WIRE)--July 31, 2006--Hemagen Diagnostics, Inc. (OTC:HMGN.OB - News) a biotechnology company that develops, manufactures, and markets more than 150 FDA-cleared proprietary medical diagnostic test kits, today announced the sale of a manufacturing building that was purchased in June 2005. The building was purchased for $800,000 plus regular and customary expenses and was sold in July 2006 for $1,800,000, less expenses. As a result of the sale, the Company will record a gain in the fourth quarter of 2006.