CHAD Therapeutics Inc, Chatsworth, Calif, shareholders have approved a proposed sale for $5.25 million of the assets related to CHAD’s oxygen-conserving business to Inovo Inc, Naples, Fla, an oxygen regulator and conserver manufacturer. The transaction is expected to close February 15, 2008.
“We intend to focus our future efforts on the sleep disorder market. We believe that our sleep products offer unique features that can improve the diagnosis and treatment of obstructive sleep apnea, said Earl Yager, CHAD’s president and CEO. “We recently filed an application with the FDA for clearance to begin marketing the first of our sleep products. With additional proprietary products in an advanced stage of development and a roadmap of additional product development opportunities based on our patented technology, we believe we have the opportunity to build CHAD’s position in this large and growing industry. In addition, we will continue to actively pursue the sale of our trans-filling assets.”
