Editor’s Note: An earlier version of this story incorrectly reported that CAS Medical is the buyer. It is the seller.
Branford biotechnology firm CAS Medical Systems Inc. is selling its line of blood-pressure cuffs to a California firm, a regulatory filing shows.
CAS Medical’s Statcorp Inc. division agreed to terms with OSI Optoelectronics Inc., of Hawthorne, Calif., for CAS’s disposable and reusable blood pressure cuff and rapid infusion cuff business, CAS disclosed Monday in an 8K filing with the Securities and Exchange Commission.
OSI agreed to pay a minimum $3.2 million to CAS, but another $350,000 can be added if sales of the line meet certain targets six months after the purchase, the filing said.
CAS makes blood-pressure monitors and noninvasive devices for measuring blood-oxygen levels in newborns and adults.
OSI’s primary product business is manufacturing photo detectors and sensors.
At 11:45, CAS was down 15 cents, or 4.4 percent, to $3.25.
