Medical device developer Xcorporeal Inc. said it signed an asset purchase agreement with kidney dialysis company Fresenius USA Inc. to sell substantially all of its assets for $8 million and royalty payment rights.

Xcorporeal, which had been in the process of relocating from Los Angeles to Lake Forest, has been developing a wearable device that performs kidney cleansing for patients with renal diseases. It said over the weekend that the purchase agreement with Fresenius, a Waltham, Ma. subsidiary of the German health care giant Fresenius SA, was signed Dec. 14.

“We believe that Fresenius is the best possible partner for our innovative dialysis technology and this transaction represents the best approach to maximizing shareholder value,” Chief Executive Kelly McCrann said.

With the only remaining assets being the royalty rights, Chief Executive

Kelly McCrann told the Business Journal that Xcorporeal will cease operations when the sale closes, which is expected by February 28.

Xcorporeal, which has struggled with liquidity issues, has been trading on the pink sheets since being delisted from the New York Alternet in September. Its shares were listed at 8 cents on Monday.