Collaborative Research Inc. announced that it has completed adefinitive agreement to sell its cancer and genetic testingbusiness, Collaborative Diagnostics, to Dianon Systems Inc.
Collaborative (NASDAQ:CRIC) of Waltham, Mass., put thebusiness up for sale in April as part of the strategicrestructuring initiated by Robert Hennessey, the company'snew president and chief executive officer.
"The strategic benefit to Collaborative in this divestment is thatwe will have a significantly reduced burn rate and adequatecash to sustain the company and focus upon therapeuticresearch and development for the next three years," Hennesseysaid.
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