Irvine Sensors Sells Patents

Costa Mesa-based Irvine Sensors, which develops image processors, electro-optic cameras, and other sensor technology, said this morning that it is selling a number of its patents and patent applications to Aprolase Development Co., LLC. The firm said it will receive up to $9.5M in cash for the patents. Irvine Sensors said the assets, which have not yet been finalized, are based on its systems, sensors, and electronic packaging technologies. The firm will license back the patents for royalty-free use. According to the company, it has been looking to monetize its patent assets for some time, and the sale will give it immediate liquidity and balance sheet improvement.