Endocare Inc., an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumour ablation, has signed a definitive agreement to sell all of the stock of its wholly-owned subsidiary, Timm Medical Technologies, Inc., located in Minneapolis, to UK-based Plethora Solutions Holdings plc.

Proceeds for the sale of this manufacturer of erectile dysfunction products were $9.5 million, consisting of $8.1 million in cash and a 24-month convertible promissory note of $1.4 million. The transaction is expected to close by mid-February 2006, following completion of customary closing protocols and the satisfaction of various closing conditions, states a company release.

Endocare chairman and CEO Craig T. Davenport stated, "While we declassified our Timm Medical business unit as an 'asset held for sale' following the completion of our financing in March 2005, we recently received substantive expressions of interest in this business, which, upon extensive review with our Board, compelled us to move forward with negotiations. We have been pleased with the performance of the Timm business unit during 2005. The divestiture will provide a significant cash infusion that will improve our balance sheet."

Davenport further stated, "Additionally, the sale of Timm Medical allows us to focus on our primary strategic objective, which is to become a clear leader in minimally invasive technologies for tissue and tumour ablation through cryoablation. We will 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 professional excellent career opportunities and growth."

Endocare Inc. is an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumour ablation.

Plethora is a UK-based specialty pharmaceutical company focused on the development of products for the treatment of urological disease. The company has products in clinical development for the treatment of overactive bladder, benign prostatic hyperplasia, stress urinary incontinence, interstitial cystitis and premature ejaculation.