PLC Loss Jumps From Financing Costs
Franklin-based medical device company PLC Systems Inc. had a net loss of $3.8 million in the first quarter of 2011, compared to $561,000 in the same period last year, as it absorbed costs related to a February financing deal.
In a statement, PLC President and CEO Mark R. Tauscher said the results "reflect the financial uncertainty that surrounded our company at the start of the year." Tauscher said PLC is now on firmer footing, thanks to the $4-million financing round and the February sale of its transmyocardial revascularization business to Novadeq Technologies.
PLC's revenues fell from $267,000 in Q1 2010 to $57,000 for the most recent quarter. As of March 31, the company's cash and cash equivalents totaled $5.3 million, compared to $1.3 million on Dec. 31, 2010.
Thanks to the February financing round, the company is recommencing a U.S. trial for its RenalGuard product, which is already on the market in Europe and elsewhere.
Correction: An earlier version of this story incorrectly stated the company's first-quarter revenues. The company's revenues for the quarter were $57,000.
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