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PLC Systems Reports Third Quarter Financial Results

Stocks in this article: PLCSF

PLC Systems Inc. (OTCBB: PLCSF), a medical device company focused on innovative technologies for the cardiac and vascular markets, today reported financial results for the three and nine months ended September 30, 2012. These results include only the company's RenalGuard ® operations as 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 as discontinued operations in the financial results for the nine months ended September 30, 2011. Highlights of the third quarter of 2012 and recent weeks include:

  • Revenues were $212,000, up 685% over the third quarter of 2011
  • Continued patient enrollment for RenalGuard U.S. pivotal trial at 9 trial sites
  • Made progress in Latin America (excluding Brazil where regulatory approval to market has already been obtained) on securing regulatory approvals for RenalGuard marketing on a country-by-country basis
  • Continued to broaden awareness of Contrast-Induced Nephropathy (CIN) with presence at key medical conferences including Latin American Society of Interventional Cardiology 2012 (SOLACI) and Transcatheter Cardiovascular Therapeutics (TCT) 2012
  • Investigators presented their published research on the ability of RenalGuard potentially to reduce the toxic effects of contrast media on the kidneys
  • Secured $1.0 million in financing with another $1.0 million still available based upon achievement of milestones

Management Commentary

“Our efforts to expand awareness of the dangers of CIN are gaining momentum with increasing numbers of key opinion leaders taking to the podium and robust traffic at PLC and distributor booths on exhibition floors,” said Mark R. Tauscher, president and chief executive officer of PLC Systems. “During the quarter, we had a presence at SOLACI where Girlow USA, our distributor in Latin America for all countries except Brazil, exhibited RenalGuard in its booth, demonstrating its ease of use and the supporting clinical studies. In October we had a booth at the all-important TCT meeting, where approximately 60% of the attendees were from countries where RenalGuard is available through distributors. In addition, there was a separate panel discussion at TCT on the prevention of contrast-induced kidney damage with a focus on matched hydration, such as that provided by RenalGuard. The principal investigator of the MYTHOS trial, Dr. Antonio Bartorelli, and the principal investigator of the REMEDIAL II trial, Dr. Carlo Briguori, presented data during the panel discussion.”

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