By Sheri Kasprzak
New York, Oct. 30 - Endocare, Inc. has secured a $16 million stock purchase agreement with Fusion Capital Fund II, LLC.
Under the terms of the equity line, Fusion may buy shares of Endocare over the next two years at a price based upon the market price of Endocare's stock at the time of a draw. There is no set discount.
Fusion does not have the right to purchase shares of Endocare in any trading day the stock closes below $1.00.
The company has reserved 8 million shares for the offering. Fusion received 473,957 shares as a commitment fee for the agreement.
Proceeds will be used for the company's work in prostate and renal cancer cryoablation. The rest will be used to expand the company's interventional radiology and oncology markets to treat lung and liver cancers and bone pain associated with cancer metastases.
Based in Irvine, Calif., Endocare is a medical device company focused on minimally invasive methods of tissue and tumor ablation.
| Issuer: | Endocare, Inc.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $16 million
|
| Tenor: | Two years
|
| Price: | To be determined based upon Endocare's stock price at the time of a draw (not to be less than $1.00)
|
| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Settlement date: | Oct. 25
|
| Stock symbol: | OTCBB: ENDO
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| Stock price: | $1.80 at close Oct. 25
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