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Endocare Agrees to Sell Timm Medical Unit

Published: Tuesday, January 24, 2006 - 22:00

Endocare Inc. has agreed to sell its wholly owned stock in Timm Medical Technologies Inc. to Plethora Solutions Holdings PLC. Plethora Solutions Holdings, a U.K.-based specialty pharmaceutical company that develops products for the treatment of urological diseases, will pay $8.1 million in cash for the company and provide a 24-month convertible promissory note worth $1.5 million. Timm Medical Technologies is a manufacturer of erectile-dysfunction products. Endocare, a medical device company focused on the development of minimally invasive technologies for tissue and tumor removal, reports that it’ll rededicate itself to those objectives.

“We’ll miss the many highly talented Timm Medical professionals who, unfortunately, will no longer be with Endocare; however, the fact that Plethora is a company focused on urology makes Timm Medical a perfect fit and will provide many of those professionals excellent career opportunities and growth,” says Craig T. Davenport, Endocare chairman and CEO.

For more information, visit www.endocare.com.

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