Misonix, Inc., a developer of minimally invasive ultrasonic medical device technology, which in Europe is used for the ablation of tumors and worldwide for other acute health conditions, announced today that substantially all of the assets of its subsidiary, Acoustic Marketing Research, Inc., DBA Sonora Medical Systems, were sold to Medical Imaging Holdings, Inc., for $8 million in cash. With the completion of this transaction, Misonix will have raised more than $15 million from the sale of non-strategic businesses in the past 6 months.
Michael A. McManus, Jr., President & CEO commented, "We are pleased to announce this transaction which will provide the additional capital necessary to be used to accelerate the growth of our expanding therapeutic medical device business. These funds will be used for potential acquisitions of new products that can be sold together with our present products in our existing sales distribution, additional selling capability, product development, the licensing of new technology and general corporate purposes, among other uses. Each of these potential growth opportunities will have to meet our present standard of a product that addresses a multi billion dollar market that is sold through our present salesforce and that can generate high margin sales.
We have unique products and technology, the ability to develop new products internally and our own sales distribution network to enable us to continue to build market share and grow our business. We are excited about the future and the opportunity to grow shareholder value."