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NEWTON, Mass. (AP) -- Biotechnology company Clinical Data Inc. said Friday it is selling its Dutch diagnostic business to France's ELITech Group for $15 million in cash to focus on its core business. Clinical Data said it will hold about $4.5 million in cash from the Dutch in vitro diagnostics business, Vital Scientific BV, immediately before the sale, netting the company a total $19.5 million on the transaction. Clinical Data said the $4.5 million was from cash on the company's balance sheet. Clinical Data, which provides genetic tests, previously said it planned to divest its in vitro diagnostics unit. The company wants to refocus its resources on other areas of the business that focus on the study of genes or genomics. In November, the company completed the sale of its Australian unit, Vital Diagnostics Pty., for $1 million. In June, it sold its U.S.-based business, Clinical Data Sales and Service Inc., for $7 million. French-based ELITech Group is a distributor to Clinical Data in France and focuses on in vitro diagnostic products. Shares of Clinical Data rose 24 cents to $27.90 in midday trading.
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