Galil Medical Sues To Enforce Endocare Merger
Galil Medical Ltd., an Israeli maker of cryotherapy systems for use in kidney and prostate cancer treatments, has sued Endocare Inc. (Nasdaq: ENDO), to enforce a merger agreement between the two companies that was announced last November. EndoCare allegedly terminated the agreement, claiming difficulty in receiving regulatory approval from the FTC. Under terms of the proposed deal, EndoCare stockholders would hold 52% of the combined company, while Galil shareholders would hold the remaining 48 percent. Galil Medical has raised over $60 million in VC funding from firms like Thomas, McNerney & Partners, The Vertical Group and Elron Electronic Industries Ltd.
12 June 2009•3 mins read
