PLC Systems Raises $4 Million From Share Sales

Milford, Mass.-based cardiac and vascular device company PLC Systems Inc. has raised a little more than $4 million in a PIPE (private investment in public equity) investment. The company sold almost 27 million shares to fund its ongoing U.S. pivotal trials for RenalGuard, a device for the prevention or reduction of the onset of contrast-induced nephropathy (CIN) during imaging procedures. CIN is one of the main causes of hospital-acquired acute renal failure.

“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 CEO 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.”

The product is CE-marked and sold in Europe and other nations through distributors. The study currently underway in the United States will support a pre-market application with the U.S. Food and Drug Administration.

PLC secured $1 million from Genesis Capital Partners in July 2012 in addition to the $4 million it received from the investment and merchant banking firm in February 2011.