Endocare closes sale of Timm Medical Unit for $9.5 million

By E. Janene Geiss

Philadelphia, Feb. 13 - Endocare, Inc. announced Monday that it has closed the sale of its wholly owned subsidiary, Timm Medical Technologies, Inc., located in Minneapolis, to U.K.-based Plethora Solutions Holdings plc.

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.

"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," Craig T. Davenport, Endocare chairman and chief executive officer, said in a company statement.

Endocare is an Irvine, Calif., medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation with a concentration on developing technologies for the treatment of prostate cancer.

Plethora is a London-based specialty pharmaceutical company focused on the development of products for the treatment of urological disease.

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