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PLC Systems Reports Third Quarter 2011 Results
Date:11/14/2011

critical to our effort to expand market penetration for RenalGuard in Europe and other countries where it is on the market."

Mr. Tauscher added, "We remain convinced that in RenalGuard, PLC has a valuable technology that truly addresses a large unmet medical need.  After spending time speaking with clinicians and other researchers at TCT 2011 in San Francisco last week, our confidence in the potential of RenalGuard is much greater.  RenalGuard was demonstrated in our booth as well as that of our partner, ACIST, bringing its strong reputation to bear on RenalGuard's behalf, and it was the subject of a major discussion by a roundtable of well-known researchers at the conference as well as during other well-attended sessions.  We are thrilled by the tangible increased interest and intend to work diligently to galvanize the rate of market acceptance and growth for this revolutionary technology. We also look forward to announcing in the near future the completion of our first patient enrolled in our U.S. pivotal trial for RenalGuard, another important milestone."

Financial UpdateAs of September 30, 2011, PLC reported $3,174,000 in cash and equivalents, an increase of $1,850,000 from the Company's cash position 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 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, less financing costs of $530,000, was received at the initial closing in February 2011 with an  additional $2 million available based upon the achievement of certain revenue and patient enrollment milestones.

During the third quarter of 2011, PLC shipped 35 single-use RenalGuard disposable sets and two RenalGuard consoles internationally, compared to 25 RenalGuard single-use disposa
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SOURCE PLC Systems
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