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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 ag
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SOURCE PLC Systems Inc.
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