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China Medical Technologies Announces the Completion of the Sale of its HIFU Business
Date:12/30/2008

The Company initiated the U.S. FDA project for the HIFU equipment in early 2005. At that time, the Company was advised that the pre-market approval process for the HIFU equipment in the U.S. would take about 5 years. The Company received the conditional investigational device exemption in July 2007. Since then, the Company has responded several rounds of questions from the U.S. FDA and prepared the commencement of the clinical trial in the U.S. The Company has managed to complete all procedures to commence the clinical trial in the U.S. recently but was advised that the clinical trial would take another 3-5 years to complete and the current budget for the clinical trial is substantially higher than the Company's previous budget. In addition, it is uncertain that the Company will be able to eventually receive approval from the U.S. FDA for the HIFU equipment after the completion of the clinical trial through the Company's significant investment.

Based on the above reasons, the management believes that it is in the best interest of the Company to focus its resources on the Company's advanced IVD operations which provide recurring revenue from selling consumables for diagnostic purposes. The recent global financial turmoil has had much less impact on the Company's advanced IVD operations because the consumer base for medical diagnosis is much larger than that of medical treatment and the consumer needs for medical consultation are generally less influenced by economic environment. As a result, the management decided to look for potential buyers for the HIFU Business and contacted several medical device companies which could be potential buyers. The management indicated to them the intention to sell the HIFU Business but did not receive an interest from any of them. The management then turned to Mr. Xiaodong Wu, the chief executive officer of the Company who was the founder of the HIFU Business and received h
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SOURCE China Medical Technologies, Inc.
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