YOKNEAM, Israel and PLYMOUTH MEETING, Pa., June 16 /PRNewswire/ -- On June 15, 2009, the Honorable William B. Chandler III, Chancellor for the State of Delaware, granted Galil Medical Ltd.'s motion for an expedited trial in Galil's recently-filed lawsuit against Endocare, Inc., arising out of Endocare's alleged breach of the Galil/Endocare Merger Agreement. The Chancellor granted Galil's motion after oral argument, and ordered that a two-day trial would be held on July 9 and 10 in Chancery Court in Georgetown, Delaware. Chancellor Chandler further indicated that he expected to issue a judgment in the suit by July 13, 2009, the Monday following the conclusion of the scheduled trial. Under the expedited schedule, Endocare is required to submit its answer to Galil's Complaint by June 19. Moreover, the previous termination date for the Galil/Endocare Merger Agreement (June 30) now has been extended so that Galil and Endocare will have additional time to complete their planned merger once the Chancellor rules.
Galil, a global cryotherapy company, filed the suit on June 9, 2009, to enforce the merger agreement between Galil and Endocare announced in November and to enjoin the proposed acquisition of Endocare by HealthTronics, Inc.
Martin J. Emerson, President and CEO of Galil, stated that Galil welcomed the Chancellor's decision to grant Galil's motion for an expedited trial. He stated that, "Galil remains committed to resolving this case as quickly as possible, and then concluding our merger with Endocare. The merger between Galil and Endocare remains in the best interests of both companies, as well as the interests of the doctors and patients we serve."
About Galil Medical
Galil Medical develops, manufactures and markets innovative products utilizing a proprietary cryotherapy platform that incorporates powerful freezing technology and revolutionary 17-gauge cryoablation needle design. Galil Medical's systems enable minimally invasive, targeted ablation of benign and cancerous tumors while ensuring rapid recovery and enhanced quality of life for patients. The Presice(TM) Cryoablation System features multi-point thermal sensors (MTS) and advanced IceVue(TM) planning software for excellent procedure control in treating prostate and renal cancer. The SeedNet MRI(TM) system provides physicians with an easy-to-use cryoablation solution to precisely ablate tumors while protecting adjacent structures, under MRI guidance.
Galil Medical shareholders include Thomas, McNerney & Partners, The Vertical Group, Investor Growth Capital, Elron Electronic Industries Ltd. and RDC Rafael Development Corporation, Ltd. For more information, please visit www.galilmedical.com.
|SOURCE Galil Medical Inc.|
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