CyroCath Purchases Endocare Operations

On April 14, 2003, Montreal-based CryoCath Technologies Inc. purchased the cardiac-related product manufacturing operations from Irvine, California-based Endocare, Inc., and also licensed from Endocare related intellectual property for cardiovascular uses. Terms of the transaction include the payment by CryoCath to Endocare of US$10 million during 2003 based on certain manufacturing and R&D milestones, as well as a descending nine-year royalty stream.

CryoCath was represented by in-house counsel Glen Brown, and by Davies Ward Phillips & Vineberg LLP, with a team led by Peter Mendell and S├ębastien Savage in Montreal, assisted by Steve Levin and Christian Lucky in New York. Endocare was represented by Morrison & Foerster LLP, with a team led by Steven Rowles and Michael Umansky in San Diego.