Milford-based PLC Systems Inc., a medical device maker focused on the cardiac and vascular markets, said it has raised more than $4 million through the sale of stock.
PLS said it sold nearly 27 million shares of common stock equivalents at 15 cents per share and five-year warrants to purchase 27 million shares at 20 cents per share.
PLC said it plans to use the proceeds to fund ongoing U.S. trials of its RenalGuard, which is meant to prevent or reduce the onset of contrast-induced nephropathy (CIN), a severe form of hospital-acquired kidney injury in at-risk patients. President and CEO Mark R. Tauscher said the funds will help the company accelerate enrollment in the study and provide additional working capital to help expand awareness of the firm’s efforts to potential investors.
Palladium Capital Advisors LLC was the placement agent for the offering.
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