Endocare and Galil Medical Announce Settlement of Litigation
July 07 2009 - 7:29PM
PR Newswire (US)
IRVINE, Calif. and YOKNEAM, Israel, July 7 /PRNewswire-FirstCall/
-- Endocare, Inc. (NASDAQ:ENDO) and privately-held Galil Medical
Ltd., today announced that they have entered into a settlement
agreement stipulating to termination of the previously announced
merger agreement between Endocare and Galil Medical pursuant to
which Endocare would have acquired Galil Medical, and the
settlement of all related litigation in Delaware Chancery Court.
About Endocare Endocare, Inc.--http://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 and liver and
palliative intervention (treatment of pain associated with
metastases). About Galil Medical Galil Medical is a global medical
device company that develops, manufactures and markets innovative
products utilizing a proprietary cryoablation platform that
incorporates powerful freezing technology and revolutionary
17-gauge cryoablation needle design. The company has offices in
Yokneam, Israel; Plymouth Meeting, Pennsylvania; and London.
Shareholders include Thomas, McNerney & Partners, The Vertical
Group, Investor Growth Capital, Elron Electronic Industries Ltd.
(NASDAQ:ELRN) and RDC Rafael Development Corporation, Ltd. Investor
Contact: Matt Clawson Allen & Caron, Inc. (949) 474-4300 Media
Contact: Len Hall Allen & Caron, Inc. (949) 474-4300 For
Additional Information: Martin J. Emerson, CEO Galil Medical Ltd.
484-530-3960 Michael R. Rodriguez, CFO Endocare, Inc. (949)
450-5400 DATASOURCE: Endocare, Inc. CONTACT: Investors, Matt
Clawson, , or Media, Len Hall, , both of Allen & Caron, Inc.,
+1-949-474-4300, for Endocare, Inc.; or Martin J. Emerson, CEO of
Galil Medical Ltd., +1-484-530-3960; or Michael R. Rodriguez, CFO
of Endocare, Inc., +1-949-450-5400 Web Site:
http://www.endocare.com/
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