Irvine-based Endocare Inc. said Friday it’s selling its Timm Medical Technologies Inc. unit for $9.5 million to Britain’s Plethora Solutions Holdings PLC.
Endocare is getting $8.1 million in cash and debt of $1.4 million.
Selling Timm, which makes erectile dysfunction products, “will provide a significant cash infusion that will improve our balance sheet,” said Craig Davenport, the medical device maker’s chief executive.
Endocare had $11.1 million in cash at the end of the third quarter.
The move also allows Endocare to focus on its main objective of developing minimally invasive methods to ablate tissue and tumors through its “cryoablation” freezing process.
