FRANKLIN, Mass., Nov. 15, 2010 /PRNewswire-FirstCall/ — PLC
Systems Inc. (OTC Bulletin Board:
PLCSF), a company focused on innovative cardiac and vascular
medical device-based technologies, today reported financial results
for the three- and nine-month periods ended September 30, 2010.
Third quarter 2010 total revenues were $892,000, a decrease from
$1,023,000 reported in the third quarter of 2009. The net loss for
the third quarter of 2010 was $5,000, or $0.00 per basic and
diluted share, compared to a net loss of $358,000, or $0.01 per
basic and diluted share, in the third quarter of 2009.
Mark R. Tauscher, president and chief executive officer of PLC
Systems Inc., stated, “In the third quarter, PLC faced some
challenging distractions that have now been successfully resolved.
We had been in negotiations with our exclusive U.S. TMR
distributor, Novadaq Technologies, to purchase the entire TMR
business, and were very pleased to announce last week that we had
signed an agreement to sell this business. This important
step will provide a critical cash infusion to our company, and
enable us to focus entirely on our RenalGuard® operations going
forward.”
He added, “While RenalGuard’s performance in the past quarter
was uncharacteristically weak, we have also seen some very positive
developments that bode well for the business. In particular,
we were extremely pleased with the positive conclusions from the
Italian investigator-sponsored MYTHOS clinical trial that were
presented in late September at the TCT conference. We believe that
this compelling scientific evidence that RenalGuard is safe and
effective at combating Contrast-Induced Nephropathy will galvanize
our distributor network in Europe to increase sales of our
RenalGuard consoles and single use sets. In October, this
same data was presented at the National Congress of the Ita
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