Hemagen realizes $1.8 million on sale of manufacturing building

By Lisa Kerner

Charlotte, N.C., July 31 - Hemagen Diagnostics, Inc. said it sold a manufacturing building for $1.8 million, less expenses, that it purchased for $800,000 in June 2005.

The company will record a gain in the fourth quarter of 2006 as a result.

"We were pleased to be able to sell our building and to realize a substantial profit on the sale," president and chief executive officer William P. Hales said in a news release.

"Likewise, we also expect to be able to achieve our operational goals in our current leased space."

The transaction eliminated about $665,000 in short-term liabilities related to construction financing and added about $1 million in cash to the balance sheet, according to company officials.

Hemagen is a Columbia, Md.-based biotechnology company that develops, manufactures and markets medical diagnostic test kits.

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