Escalon Medical Corp. Sells Its Clinical Diagnostics Business for $6.5M

Escalon Medical Corp. ESMC (the "Company") today announced the sale of its Clinical Diagnostics Business to ERBA Diagnostics, Inc. (NYSE MKT: ERB). The Escalon Clinical Diagnostics Business ("ECD') consists of Drew Scientific, Inc., and its wholly owned subsidiaries JAS Diagnostics, Inc. ("JAS") and Drew Scientific Limited Co. ECD develops and sells A1c and Hematology diagnostic instruments, reagents and chemistries.  Drew was focused on providing instrumentation and consumables for the physician office labs, small hospital labs and veterinary research laboratories. Drew also supplies the reagent and other consumable materials needed to operate the instruments. JAS specializes in the manufacture of a broad range of liquid stable, diagnostics chemistry reagents used in IVD tests. Many of these reagents are single vial stable, which offer ease of use, increased speed of results and extended on-board stability. The sales price was $6,500,000 in cash.