A Medical Device Daily Staff Report

Endocare (Irvine, California), a developer of minimally invasive technologies for tissue and tumor ablation, reported that its board of directors has authorized the company to proceed with a one-for-three reverse stock split of its outstanding common stock in order to satisfy the minimum bid price requirement for initial listing on the NASDAQ Capital Market. The record date established for the reverse split is Aug. 20.

Company CEO Craig Davenport said that Endocare stockholders had previously approved the proposal for the reverse stock split permitting the company’s board to implement the reverse split at its discretion. He said that pending final approval, he believes trading could commence on NASDAQ as early as September.

Effective Aug. 21, 2007, Endocare common stock will trade on the OTC Bulletin Board on a split-adjusted basis under a trading symbol to be assigned by the OTC Bulletin Board. It is expected that Endocare’s common stock will resume trading under the symbol ENDO when the NASDAQ listing becomes effective.

“The company was delisted by NASDAQ in January 2003 because the company was not in regulatory compliance with its SEC filing obligations,” Davenport said in a statement. “Since June 2004, when the company reestablished full compliance with its SEC filing obligations, it has been a priority of the board and management to have our common stock traded on a national exchange. While there can be no guarantee whether or when NASDAQ will approve our application, we are confident that with the completion of the reverse stock split, we will have met all of the quantitative requirements for our shares to be traded on the NASDAQ Capital Market.”

The company’s board said it reserves the right, exercisable at any time prior to the effectiveness of the stock split, to modify the ratio or record date of the stock split or to not proceed with the

Endocare has initially concentrated on developing technologies for the treatment of prostate cancer and believes that its technologies have broad applications across a number of markets, including the ablation of tumors in the kidney, lung and liver and palliative intervention.

In other financing news:

• Health Care REIT (Toledo, Ohio) reported that it has closed an expanded $1.15 billion unsecured revolving credit facility, replacing the company’s existing $700 million facility scheduled to mature in July 2009 and its $40 million line of credit with Fifth Third Bank, which has been consolidated into this facility. As part of the expanded credit facility agreement, the company was able to extend the agreement from three to four-year maturity expiring August 2011, with the company’s option to extend for an additional year. It was also able to reduce its current borrowing cost to 60 from 80 basis points over LIBOR.

The credit facility was arranged by KeyBank National Association as joint lead arranger and administrative agent and Deutsche Bank Securities as joint lead arranger and syndication agent. UBS Securities, Bank of America, JPMorgan Chase Bank, Barclays Bank and Calyon and Fifth Third Bank were the documentation agents.

Health Care REIT is a self-administered, equity real estate investment trust that invests across the full spectrum of senior housing and health care real estate, including independent living/continuing care retirement communities, assisted living facilities, skilled nursing facilities, hospitals, long-term acute care hospitals and medical office buildings.

• BioMed Realty Trust (San Diego) reported that it has amended its $250 million secured term loan facility and $500 million unsecured revolving line of credit, reducing the borrowing rates under the facilities and increasing the available borrowings under the revolving facility from $500 million to $600 million.

The borrowing rate under the secured term loan was reduced by 60 basis points, which when combined with the interest rate swap agreement previously entered into by the company, provides an effective interest rate of 5.8% for the facility until the swap expires in 2010. The amendment also extends the term of the facility to Aug. 1, 2012 and provides greater flexibility with respect to covenants.

In addition to increasing the available borrowings to $600 million, the amendment to the unsecured revolving credit facility extends the term to Aug. 1, 2011, reduces the borrowing rate and provides greater flexibility with respect to covenants. In addition, BioMed may extend the maturity date of the revolving credit facility to Aug. 1, 2012 and may increase the amount of the facility to $1 billion upon satisfying certain conditions.

KeyBank National Association served as administrative agent and lead arranger for both facilities, while U.S. Bank National Association and Wachovia Bank acted as co-syndication agents and Societe Generale and LaSalle Bank National Association acted as co-documentation agents.

BioMed Realty Trust is a real estate investment trust focused on providing real estate to the life science industry.