Radiance Medical Completes Unit Sale

Irvine medical equipment maker Radiance Medical Systems Inc. said it has sold its Vascular Access business unit to Escalon Medical Corp., completing a deal begun in October.

Radiance, formerly CardioVascular Dynamics Inc., will receive an initial payment, a follow-up payment on the transfer of the assets and technology, and royalties on net sales of the former Radiance products for a period of five years, the company said. Further terms were not disclosed.

Escalon, based in Wayne, Pa., develops and markets ophthalmic surgical and pharmaceutical products.

Radiance stock closed up 13 cents Friday at $4.13 while Escalon shares rose 3 cents to close at $3.06. Both companies’ shares are traded in the Nasdaq market.