This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

PLC Systems Raises $4,040,000 In Equity Financing

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 that it has raised $4,040,000 in gross proceeds through the sale of 26,933,333 shares of common stock and common stock equivalents at a price of $0.15 per share and five-year warrants to purchase 26,933,333 shares of common stock at an exercise price of $0.20 per share. PLC Systems plans to use the proceeds from this financing to fund ongoing U.S. pivotal trials with RenalGuard® to prevent or reduce the onset of contrast-induced nephropathy (CIN) during imaging procedures, for investor and public relations, and for general corporate purposes.

GCP IV, LLC (“GCP”), the holder of $5.25 million in term notes issued by the Company between February 2011 and January 2013, has extended the maturity date of the first $4.0 million loan issued in February 2011 from February 2014 to June 30, 2015. The remaining $1.25 million in notes issued to GCP in 2012 and 2013 retain their original maturity dates of July 2, 2015 and January 17, 2016, respectively. As part of these prior debt financings, the Company issued GCP warrants to purchase 62,500,000 shares of common stock. Warrants to purchase 50,000,000 shares of common stock have now been re-priced to $0.098 per share, the number of shares issuable upon exercise of these warrants has been increased to 81,578,496, and the VWAP price of these warrants has been fixed at $0.155 per share. GCP has forfeited the remaining 12,500,000 warrants previously issued in 2012 and 2013.

Palladium Capital Advisors LLC served as the exclusive placement agent for the offering.

“CIN is a serious and sometimes deadly problem for patients undergoing certain imaging procedures, particularly for those with compromised kidneys, typically elderly and diabetic patients,” said Mark R. Tauscher, president and chief executive officer of PLC Systems. “These new funds will allow us to continue our pivotal trial with RenalGuard® and to hopefully accelerate patient enrollment into the study, along with providing us with additional working capital and funds to expand awareness of our efforts among potential investors.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs