Ark Therapeutics has agreed a deal to sell off the majority of its woundcare business assets to Crawford Woundcare.

The sale has been valued at up to 2.7 million pounds and is expected to conclude on March 1st 2011, with the net proceeds of the disposal set to be added to Ark Therapeutics' cash balances.

According to the firm, the sale will be in the best interests of its shareholders, as it will free up finances for investment in other core areas of its business.

Martyn Williams, the medical device firm's chief executive officer, also noted that the sale of the woundcare business was among the short-term objectives highlighted in its September 2010 restructuring strategy announcement.

"Crawford have impressed us with their expertise and plans for the future and we are delighted to have reached this agreement," he said.

In December 2010, the company announced the appointment of Matrix Corporate Capital as its new broker and financial adviser, a move designed to further support its future growth.