IRVINE, Calif., Feb. 13 /PRNewswire-FirstCall/ -- Endocare, Inc. , an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation, announced today that it has closed the sale of its wholly-owned subsidiary, Timm Medical Technologies, Inc., located in Minneapolis, to UK-based Plethora Solutions Holdings plc, which is listed on the London Stock Exchange (AIM:PLE). Proceeds from the sale were $9.5 million, consisting of $8.1 million in cash and a 24-month convertible promissory note of $1.4 million. Seven Hills Partners of San Francisco served as Endocare's investment bank for this transaction.
Endocare Chairman and CEO Craig T. Davenport stated, "The sale of Timm Medical improves our balance sheet with a significant cash infusion. In addition, the sale allows us to focus on our primary strategic objective, which is to become a clear leader in minimally invasive technologies for tissue and tumor ablation through cryoablation."
Endocare, Inc. -- www.endocare.com -- is an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation. Endocare has initially concentrated on developing technologies for the treatment of prostate cancer and believes that its proprietary technologies have broad applications across a number of markets, including the ablation of tumors in the kidney, lung, liver and bone.
Plethora is a UK-based specialty pharmaceutical company focused on the development of products for the treatment of urological disease. The Company has products in clinical development for the treatment of overactive bladder, benign prostatic hyperplasia, stress urinary incontinence, interstitial cystitis and premature ejaculation. The Company is headquartered in the UK and is listed on the London Stock Exchange (AIM:PLE).
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risks Related to Our Business" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to: uncertainty relating to ongoing investigations by governmental agencies; uncertainty regarding the effects of effectuating the proposed reverse stock split, in particular the possibility that the market may react negatively to our effectuation of a reverse stock split; uncertainty regarding market acceptance of the Company's products; uncertainty of product development and the associated risks related to clinical trials; uncertainty relating to third party reimbursement; ability to convince health care professionals and third party payers of the medical and economic benefits of the Company's products; difficulty in managing growth; the Company's limited sales, marketing and manufacturing experience; ability to attract and retain key personnel; ability to secure and protect intellectual property rights relating to the Company's technology; the rapid pace of technological change in the Company's industry; fluctuations in the Company's order levels; and the Company's successful re-listing on a national stock exchange. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise, or update publicly, any forward-looking statements for any reason.
Investor Contact: Media Contact:
Matt Clawson Len Hall
Allen & Caron, Inc. Allen & Caron, Inc.
(949) 474-4300 (949) 474-4300
For Additional Information:
Craig T. Davenport, CEO
Michael R. Rodriguez, CFO
CONTACT: Investors, Matt Clawson, email@example.com, or Media, Len Hall,firstname.lastname@example.org, both of Allen & Caron, Inc., +1-949-474-4300, forEndocare, Inc.; or Craig T. Davenport, CEO, or Michael R. Rodriguez, CFO,both of Endocare, Inc., +1-949-450-5400