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PLC Systems Reports Fourth Quarter and Full Year 2011 Results
Date:3/30/2012

  • Approval of sites for the U.S. clinical trial and significant progress in patient enrollment, with sample size re-estimation planned after 163 patients;
  • Acceleration in sales of RenalGuard in markets where it is currently available, primarily Europe;
  • Initiation of additional distributors in key territories worldwide;
  • Additional investigator-sponsored clinical trials of RenalGuard in new territories and aimed at additional treatments;
  • Issuance of additional patents to bolster the company's intellectual property portfolio
  • A positive response from Japan's Department of Health to the investigator-submitted clinical trial proposal in Q2 2012, followed by the launch of a full clinical trial in that critical market, and
  • Successfully raising additional funds to support all of these initiatives.
  • Our progress and success in accomplishing these initiatives will, we believe, significantly raise the level of interest in RenalGuard and lead to many more opportunities for PLC, for the benefit of the company, this technology and our shareholders."

    Financial UpdateAs of December 31, 2011, PLC reported $2,585,000 in cash and equivalents, an increase of 1,261,000 from the Company's cash position of $1,324,000 as of December 31, 2010.  The increased cash position reflects the net proceeds from the sale of the TMR business and the secured convertible debt financing.

    During the fourth quarter of 2011, PLC shipped 963 single-use RenalGuard disposable sets and 21 RenalGuard consoles internationally, compared to 90 RenalGuard single-use disposable sets and two consoles that shipped in the fourth quarter of 2010 and 25 single-use sets and two consoles shipped in the third quarter of 2011.

    As expected with the ramp-up of the company's U.S. pivotal trial, Operating Expenses increased to $1,049,000 in the fourth quarter of 2011 from $472,000 in the same quarter of 2010. Sales, General and Admi
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    SOURCE PLC Systems Inc.
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