A Medical Device Daily

Chad Therapeutics (Chatsworth, California) reported that it has closed the sale of the assets related to its transfilling oxygen business for $1.825 million in cash, in accordance with an asset purchase agreement. As a result of the sale, Chad will discontinue production and sales of its transfilling oxygen products.

Earl Yager, Chad s president/CEO, said, This transaction marks the final step in our announced plan to exit the oxygen business and focus our future efforts on the sleep disorder market. We believe our sleep products offer unique features that can improve the diagnosis and treatment of sleep disorders such as obstructive sleep apnea. We recently filed an application with the FDA for clearance to begin marketing the first of our sleep products.

Last month, in a separate deal, the company reported that its shareholders approved the proposed sale for about $5.25 million in cash of the assets related to the company s oxygen conserving business to Inovo (Naples, Florida), a privately held manufacturer of oxygen regulators and conservers (Medical Device Daily, Feb. 4, 2008).