UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

ENDOCARE, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-15063		33-0618093
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

201 Technology Drive
Irvine, California 92618
(Address of Principal Executive Offices, including zip code)

(949) 450-5400
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On May 26, 2009, Endocare, Inc. (the “Company”) entered into a seventh amendment (the “Seventh Amendment”) to the Loan and Security Agreement that governs the Company’s credit facility with Silicon Valley Bank (“SVB”). Under the terms of the Seventh Amendment:

	•		the term of the credit facility was extended for 90 days so that the new maturity date is August 27, 2009;
	•		the maximum borrowing capacity under the credit facility was increased from $4.0 million to $5.0 million;
	•		the tangible net worth covenant was replaced with a maximum net loss covenant; and
	•		the fee in the case of an early termination was increased from one percent to two percent of the maximum borrowing capacity under the credit facility.

The foregoing description of the Seventh Amendment is qualified in its entirety by the full text of such document, which is filed as Exhibit 10.1 to this report and is hereby incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1

Limited Waiver and Amendment to Loan Documents, dated as of May 27, 2009, by and between Endocare, Inc. and Silicon Valley Bank.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.