Irvine’s Endocare Places Stock to Fund Research

IRVINE — Endocare Inc. said Wednesday that it has completed a private placement of 2.2 million shares of common stock, valued at $7.8 million.

Endocare, which makes devices to treat prostate diseases, said the shares were placed with institutional investors by Oppenheimer & Co. The financing will enable the company to expand its research and development efforts, Endocare said.

After the placement and the conversion of a convertible note, Endocare has about 8.2 million shares outstanding.