Thursday, July 3, 2008

Implant Sciences sells medical coatings biz for $750K

By Mass High Tech Staff

Implant Sciences Corp. reports it has sold assets as part of a plan to withdraw from the medical coatings business.

Wakefield-based Implant (AMEX: IMX), which is focused on making sensors and other systems for homeland security and related markets, has sold equipment used to make coatings for medical products for $750,000. The firm had revealed its plans to exit the medical coatings business to customers earlier this year, officials said.

Implant Sciences CEO Phillip Thomas said the company plans to completely withdraw from the medical and semiconductors businesses by the end of calendar 2008, and this sale of medical coatings assets marks another milestone in that strategy and provides additional cash to support its efforts in the security market.

Implant says it is focused on the development of bench-top explosive trace detection systems used domestically and internationally. The firm, which employs 91 workers, reported a 2007 net loss of $10.7 million on revenue of $15.4 million.