WOBURN, Mass. (Nov. 7)—CardioTech International Inc. will sell CardioTech International Ltd., a subsidiary, to a newly formed United Kingdom company for about $7 million and other considerations. Nervation Ltd., made up of some members of CTL´s management team and England-based Freemedic P.L.C., will purchase CTL once terms of the transaction, previously agreed upon by CardioTech´s board and shareholders, have been formally approved by the firms, CardioTech CEO Michael Szycher said. The deal "involves the release of certain liabilities and obligations, in particular the release of $540,000 in CTL debt to Freemedic in exchange for equity in Nervation," Szycher said.
CardioTech, Nervation reach purchase agreement
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