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

transaction was approved by PLC's shareholders at a special meeting of shareholders and closed effective February 1, 2011.

February 2011 FinancingOn February 23, 2011, PLC announced that it had completed a financing with an institutional investor that provides the company with up to $6 million in secured convertible debt financing, of which $4 million was provided at the initial closing. These funds are intended to enable PLC to resume U.S. clinical trials for its RenalGuard program. PLC has issued the investor 5% Senior Secured Convertible Notes that mature three years from date of issuance as well as Warrants offering 100% coverage that can be exercised at $0.15 per share within five years from issuance, subject to certain anti-dilution and other adjustments. In addition, under the terms of the agreement, PLC may secure additional secured convertible debt funding from the investor of up to $2 million in the aggregate in two separate $1 million tranches, based upon meeting certain operational milestones including sales and clinical trial objectives.

Financial UpdateAs of March 31, 2011, PLC reported $5,258,000 in cash and equivalents, an increase of $3,934,000 from the Company's cash position as of December 31, 2010.  The increased cash position reflects the addition of $1,000,000 in cash proceeds received from Novadaq for the sale of the TMR business and the $4,000,000 secured convertible debt financing.  

As a result of the sale of the TMR business, the operating results of these operations, including those related to the prior periods, have been reclassified from continuing operations to discontinued operations.

During the first quarter of 2011 PLC shipped 55 single-use RenalGuard disposable sets and four RenalGuard consoles internationally, compared to 180 RenalGuard single-use disposable sets and six consoles that shipped in the first quarter of 2010. As a result, RenalGuard revenues decreased $47,000 in the first q
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SOURCE PLC Systems Inc.
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