Endocare Investors Pay $20 Million for Shares
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Endocare Inc. said Tuesday that it received $20 million in financing from unnamed investors in exchange for 1.5 million shares of the Irvine company’s common stock and warrants to buy about 189,000 shares.
The purchase price for the common stock was $13.25 a share, while the warrants are exercisable for five years at $13.91 a share.
The stock closed at $12.88, off 25 cents a share, in Nasdaq trading. The shares have nearly doubled in value over the last year, but have retreated since hitting a high of $23 in September.
Endocare, which makes minimally invasive surgical devices, posted a 1999 loss of $9.3 million, or 86 cents a share, on revenue of $3.5 million.
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