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

nistrative costs were $596,000 in the fourth quarter of 2011, lower than the $621,000 recorded in the fourth quarter of 2010.  Research & Development expenses were $453,000 in the fourth quarter of 2011, an increase from the credit of $150,000 associated with the impact of the R&D grant of $244,000 from the Qualifying Therapeutic Discovery Project Program reported in the fourth quarter of 2010.

Full Year ResultsFor the full year 2011, PLC reported total revenues of $671,000, compared to total revenues of $587,000 in 2010. Net loss from continuing operations for 2011 was $6,990,000, or a loss of $0.21 per basic and diluted share, compared to a net loss from continuing operations of $3,109,000, or a loss of $0.10 per basic and diluted share, in 2010.

PLC also noted that in its Form 10-K filing for the year ended December 31, 2011, to be filed today, contains a 'going concern' opinion from its auditors, indicating that the company's cash balance as of December 31, 2011, combined with recurring net losses and negative cash flows from operations, raises substantial doubt about its ability to continue as a going concern for the next 12 months. As noted above, the Company is investigating ways to raise additional capital to continue its operations.

About PLC Systems Inc.PLC Systems Inc., headquartered in Milford, Mass., is a medical device company focused on innovative technologies for the cardiac and vascular markets. PLC's newest product, RenalGuard, has been developed to help prevent the onset of Contrast-Induced Nephropathy (CIN) in at-risk patients undergoing certain cardiac and vascular imaging procedures. The Product is CE-marked and is being marketed in Europe and selected countries around the world. Two investigator-sponsored European studies have demonstrated RenalGuard's effectiveness at preventing CIN. RenalGuard is being studied in a pivotal trial in the U.S., as required for approval by FDA.

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