PLC Systems Completes $1M Funding Round
Milford-based medical device technology company PLC Systems Inc. announced it has secured an additional round of funding to continue U.S. clinical trials for its newest product, designed to prevent hospital-acquired kidney injury in at-risk patients.
An affiliate of Genesis Capital Advisors LLC has issued PLC $1 million in additional funding for the trials and to expand distribution of the product, RenalGuard, internationally. Genesis initially invested $4 million in the product in February 2011, and is expected to issue two more payments of $500,000 each to PLC in the next six months.
“We greatly appreciate the vote of confidence from Genesis in providing this additional funding, which will enable us to make more concerted progress both with our U.S. clinical trial as well as in seeking to generate more substantial sales internationally with our expanded network of distributors,” said Mark R. Tauscher, president and CEO of PLC.
Tauscher said industry and clinical trial data collected so far indicate RenalGuard provides an unmet need to prevent a kidney condition known as contrast induced nephropathy, which may occur in at-risk patients undergoing cardiac catheterization and similar procedures.
RenalGuard is now being marketed in Europe and other foreign countries, but has yet to be approved for distribution in the U.S. by the Food and Drug Administration, since the required clinical trials are ongoing. Ethan Benovitz, managing member of Genesis, expressed confidence about releasing the latest round of funding for RenalGuard.
“We have fully assessed both the market and the technology, and we're very pleased to have the opportunity to help bring this important and potentially life-saving solution to more doctors and patients around the world,” Benovitz said.
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