A Medical Device Daily
MedCath (Charlotte, North Carolina) reported that it will sell Dayton Heart Hospital (Dayton, Ohio) to Good Samaritan Hospital (Dayton) for about $55 million, a portion of which is allocated to customary non-competition obligations. The transaction is expected to close by May 16.
Net proceeds to MedCath, after estimated income tax related to the gain on sale, are anticipated to total about $32.5 million. MedCath will use the proceeds for general corporate purposes, including investment in other hospital projects.
Beginning with its second quarter of fiscal 2008, which ends March 31, MedCath will account for Dayton Heart Hospital as an asset held-for-sale for the current and prior reporting periods.
Opened in 1999, Dayton Heart Hospital is a 47-bed hospital focused on providing cardiovascular care to the Dayton community.
Good Samaritan Hospital is a 577-bed, full-service teaching facility
MedCath engages in the ownership and operation of hospitals in partnership with physicians in the U.S.
Isolagen (Exton, Pennsylvania) reported the sale of its facility located in Switzerland for about $6.4 million, net. $5.85 million of the sale amount was paid at the time of closing and the remaining proceeds are expected within the next six weeks.
"The cash raised from the sale of the facility will enable us to further pursue the implementation of our business plan for 2008," said Nicholas Teti, Jr., chairman of Isolagen.
"The resources generated from the sale of our Swiss facility will play a key role in the further advancement of our clinical development projects for the Isolagen Therapy," added Declan Daly, CEO of Isolagen.
Isolagen is an aesthetic and therapeutic company. Its technology platform includes the Isolagen Process, a cell processing system for skin and tissue rejuvenation which is currently in clinical development for a broad range of aesthetic and therapeutic applications including wrinkles, acne scars, burns and periodontal disease. Isolagen also commercializes a line of skincare systems through its majority-owned subsidiary, Agera Laboratories.