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PLC Systems Reports First Quarter 2011 Results
Date:5/16/2011

FRANKLIN, Mass., May 16, 2011 /PRNewswire/ -- PLC Systems Inc. (OTCBB: PLCSF), a company focused on innovative medical device technologies, today reported financial results for the three- month period ended March 31, 2011. These results only include the company's RenalGuard® operations, since PLC completed the sale of its transmyocardial revascularization (TMR) business to Novadaq Corp. during the first quarter of 2011. Results from the TMR business for the first quarter of 2011 are reflected in discontinued operations.

First quarter 2011 total revenues were $57,000, compared to $267,000 in the first quarter of 2010. The net loss for the first quarter of 2011 was $3.8 million, or $0.12 per basic and diluted share, compared to a net loss of $561,000, or $0.02 per basic and diluted share, in the first quarter of 2010.  During the first quarter of 2011, PLC announced that it had secured up to $6 million in convertible secured debt financing from an institutional investor, of which $4 million was received at the initial closing in February 2011. The financial accounting treatment associated with the $4 million financing led to a non-cash charge of $3.6 million in other expense in the first quarter of 2011.

Mark R. Tauscher, President and Chief Executive Officer of PLC Systems Inc., stated, "PLC's results for the first quarter of 2011 reflect the financial uncertainty that surrounded our company at the start of the year. Now that we have completed this period of transition, highlighted by the successful closing of the sale of our TMR business to Novadaq and the completion of an important round of financing, we are on a much more solid financial footing. Accordingly, we now can recommence the U.S. pivotal trial for RenalGuard, which is the last and important step in the process to gain approval from the FDA to market and sell RenalGuard in the U.S.  Our improved financial position also enables us to more aggressively implement our sales and
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SOURCE PLC Systems Inc.
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