Navigation Links
PLC Systems Secures $4 Million in Financing
Date:2/23/2011

FRANKLIN, Mass., Feb. 23, 2011 /PRNewswire/ -- PLC Systems Inc. (OTC Bulletin Board: PLCSF), a company focused on innovative medical device technologies, today announced that it has completed a financing with an institutional investor that provides PLC with up to $6 million in secured convertible debt financing, of which $4 million has been provided at this 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 within five years from issuance. 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.

Mark R. Tauscher, president and chief executive officer of PLC Systems Inc., stated, "We have worked diligently to secure the funding needed to re-commence our U.S. clinical trial program for RenalGuard, and we are delighted that we have achieved this goal. This critical step truly ushers in a new day for PLC, one that is wholly focused on the opportunity of RenalGuard. We remain convinced that RenalGuard addresses a critical unmet need, a belief supported by the positive scientific data gathered from Italian investigator-sponsored trials. While we anticipate continuing our sales expansion in Europe with a portion of the proceeds from this financing, the majority of our energies and funds will be focused on quickly moving ahead with the U.S. clinical trial, since demonstrating efficacy in combating contrast-induced nephropathy (CIN) in this market is essential. To that end, we plan to move ahead aggressively with our U.S. clinical trial program and look forward to sharing news of our progress in the months ahead."

Under the terms of the agreement, the Notes are convertible into PLC's common stock, at market price levels based upon the tranche, and carry a 5% coupon paid quarterly. The Notes issued in this initial closing are convertible at a rate of $.10 per share.  The Notes are secured by all of PLC's assets. The Warrants can be converted into PLC common stock as well, at a 50% premium to the conversion price of the Notes, which would also vary depending upon the tranche. The conversion price of the Notes and the exercise price of the Warrants are subject to anti-dilution and other adjustments.

This funding agreement follows PLC's successful completion of the sale of its transmyocardial revascularization business in early February 2011 to Novadaq Corp. for $1 million in cash and the assumption by Novadaq of all TMR service related obligations.

RenalGuard, PLC's proprietary product, is currently being marketed in the European Union and additional countries around the world.  Two independent investigator-sponsored clinical trials of RenalGuard's safety and efficacy in reducing the rate of CIN in at-risk patients, compared with conventional alternatives, have been conducted in Italy with significant reductions in the rates of CIN being shown in the RenalGuard treatment groups.

Natixis Bleichroeder acted as financial advisor to PLC.

About PLC Systems Inc.PLC Systems Inc. is a medical technology company specializing in innovative technologies for the cardiac and vascular markets. Headquartered in Franklin, Massachusetts, PLC today focuses on its newest product, RenalGuard, which is approved for sale in the European Union as a general fluid balancing device. Additional company information can be found at www.plcmed.com.

This press release contains "forward-looking" statements. For this purpose, any statements contained in this press release that relate to prospective events or developments are deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will" and similar expressions are intended to identify forward-looking statements. Our statements of our objectives are also forward-looking statements. While we may elect to update forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our estimates change, and you should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release. Actual results could differ materially from those indicated by such forward-looking statements as a result of a variety of important factors, including that we may not receive necessary regulatory approvals to market our RenalGuard product or that such approvals may be withdrawn,  the current  clinical trials in Italy and the planned future U.S. clinical trial for RenalGuard may not be completed in a timely fashion, if at all, or, if these clinical trials are completed, they may not produce clinically significant or meaningful results, the RenalGuard product may not be commercially accepted, operational changes, competitive developments may affect the market for our products, regulatory approval requirements may affect the market for our products, and additional risk factors described in the "Forward Looking Statements" section of our Annual Report on Form 10-K for the year ended December 31, 2009, and our other SEC reports.

PLC Systems, PLC Medical Systems, PLC, RenalGuard and RenalGuard System are trademarks of PLC Systems Inc.

Novadaq is a trademark of Novadaq Technologies, Inc.Contact:  Mary T. ConwayConway Communications617-244-9682marytconway@comcast.net
'/>"/>

SOURCE PLC Systems Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Life Recovery Systems Receives European CE Mark Approval for Its ThermoSuit(R) System
2. Flexible Medical Systems Raises $1.2M Seed Investment for Initial Human Trials
3. Boston Scientific to Release Broad Range of Clinical Trial Data Reinforcing Safety and Efficacy of Taxus(R) Coronary Stent Systems at TCT 2007
4. BD and PEPFAR Collaborate to Strengthen Laboratory Systems in Fight Against HIV/AIDS and TB
5. Imaging Diagnostic Systems CTLM Technology Presented at Congress of World Society for Breast Health
6. Imaging Diagnostic Systems Updates PMA Filing Status for the New CT Laser Breast Imaging System
7. PLC Systems Achieves Successful Early Conclusion of RenalGuard(TM) Pilot Safety Trial
8. PLC Medical Systems Names Lead Investigators for Pivotal Trial to Evaluate RenalGuard System(TM) and RenalGuard Therapy(TM)
9. Pharmatech Teams up With Systems Medicine LLC and the Sarcoma Foundation of America for a Phase II Myxoid Liposarcoma Trial
10. PLC Systems Reports Fourth Quarter 2007 Results
11. PLC Systems Receives FDA Approval to Commence Pivotal Study Of RenalGuard(TM) In the U.S.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... EAST NORRITON, Pa. , Feb. 8, 2016 ... acquisition of November Research Group (NRG),s pharmacovigilance ... of pharmacovigilance system-related consulting services and an Oracle ... regulatory compliance services to Life Sciences companies. ... acquisition strengthens and expands HighPoint,s life sciences capabilities ...
(Date:2/8/2016)... Pa. , Feb. 8, 2016  As part of ... has announced today the appointment of Lori Chmura ... than 20 years in the industry, Chmura,s extensive experience in ... the advancement of Dune Medical Devices. ... will be responsible for leading all sales, marketing and operational ...
(Date:2/8/2016)... Velano Vascular, a medical technology company transforming ... their practitioners, announced today that the company has raised ... the proceeds from this financing, an extension of a ... to support the development and commercialization of the company,s ... Philadelphia , and a number ...
Breaking Medicine Technology:
(Date:2/8/2016)... ... February 08, 2016 , ... Steve Helwig & Associates ... vital new community enrichment program, has teamed up with Citizens Opposed to Domestic Abuse ... from intimate abuse. To support all those victimized by the fear of violence in ...
(Date:2/8/2016)... , ... February 08, 2016 , ... Delta Dental of ... help combat pancreatic cancer. , Gary D. Radine, who recently retired as president and ... American Cancer Society’s 2015 CEO of the Year , helped lead the effort ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... While a significant number of women and men with eating disorders report a ... that best predicts the development of an eating disorder. , At the ...
(Date:2/8/2016)... , ... February 08, 2016 , ... ... than 50% lower incidence rate of type 2 diabetes in the GrassrootsHealth cohort ... is time to make a change in public health,” states Carole Baggerly, Director ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... speaking on how healthcare companies can use newly released government data on populations ... a population and intervene and capture the value they create to succeed in ...
Breaking Medicine News(10 mins):