Endocare
This article was originally published in The Gray Sheet
Executive Summary
Completes $5 mil. convertible debenture financing with an option for an additional $5 mil. investment by the same institutional investor, the firm reports. Proceeds will be used to support an "aggressive" launch of the firm's Cryocare technology for prostate cancer in conjunction with the July 1 start of a Medicare national coverage policy providing reimbursement of cryosurgical treatments for prostate cancer ("The Gray Sheet" Feb. 15, p. 15). The system, which uses extremly cold temperatures to freeze and destroy selected tissue, was 510(k)-cleared in mid-1995 for ablation of the entire prostate to treat prostate cancer, and in April 1998 for treatment of benign prostatic hyperplasia ("The Gray Sheet" May 4, 1998, In Brief). A portion of the proceeds also will be used to support the upcoming international launch of the Horizon prostatic stent for acute urinary retention. CIBC Oppenheimer acted as placement agent for the transaction