Devices, deals, Life Sciences

Diomed Files for Bankruptcy, Plans Sale

Rebecca Zacks 3/14/08

Minimally invasive medicine firm Diomed (AMEX: DIO) of Andover, MA, has filed for bankruptcy, the company announced today. The firm intends to sell some of its operating assets for between $6 million and $7 million to a German medical laser manufacturer, Biolitec, which would continue to operate Diomed’s business in the United States. Diomed expects to complete the sale within two to three months, the company said, and to sell its remaining assets under the court’s direction.