FRANKLIN, Mass., Aug. 12, 2011 /PRNewswire/ — PLC Systems Inc.
(OTCBB: PLCSF), a company focused on innovative medical device
technologies, today reported financial results for the three- and
six month periods ended June 30, 2011. These results only include
the company’s RenalGuard® operations, since PLC completed the
sale of its transmyocardial revascularization (TMR) business to
Novadaq Corp. during the first quarter of 2011. Results from the
TMR business are reflected in discontinued operations for all
periods presented.
Second quarter 2011 total revenues were $398,000, compared to
$249,000 in the second quarter of 2010, a marked improvement over
the $57,000 reported in the first quarter this year. The net loss
from continuing operations for the second quarter of 2011 was
$541,000, or $0.02 per basic and diluted share, compared to a net
loss from continuing operations of $869,000, or $0.03 per basic and
diluted share, in the second quarter of 2010. 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.
Mark R. Tauscher, President and Chief Executive Officer of PLC
Systems Inc., stated, “I am pleased to see that in the second
quarter this year, as we anticipated, we were successful in
reviving RenalGuard sales in the European Union to levels higher
than we produced in any quarter last year. We believe we are
now in a better position from which to add more distributors,
expand market penetration and develop meaningful sales traction in
the European market, and other countries where RenalGuard is
already available. Thanks to our improved financial position and
the positive scientific data produced in two separate Italian
clinical trials, we fully intend to attack all opportunities with a
new focused sales and marketing approa
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