North American Scientific Inc. said Wednesday that it is selling its remaining non-medical product line to a German company for $6 million.
The struggling Chatsworth company said Eckert & Ziegler Isotope Products Inc. of Berlin will buy products that includes radiation sources used for calibration, measurement, analysis and control in a variety of industries. The transaction is expected to close by Friday.
"This divestiture allows us the opportunity to focus solely on growing the therapeutic areas of our business," said Chief Executive John Rush, who took over when founder L. Michael Cutrer resigned last year, in a statement.
North American has been trying to re-invent itself for years since getting out of the medical device business. The company now will focus solely on its innovative "brachiotherapy" treatment involving the use of radioactive "seeds" to treat prostate and breast cancer tumors.
North American Scientific shares rose 2 cents, or 4.6 percent, to 46 cents in morning trading on the Nasdaq. Nasdaq officials last month threatened to delist the stock unless the share price rises to a $1 million minimum by Feb. 17.
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