PLC Systems of Milford raised $1.75 million through the sale of or purchase warrants for more than 58 million shares.
The medical device company said the proceeds will help PLC to continue its U.S.-based clinical trials of RenalGuard into early 2014. RenalGuard prevents or reduces the onset of contrast-induced nephropathy, a severe form of hospital-acquired kidney injury in at-risk patients.
PLC reported Wednesday that 29.16 million shares of the stock sold at 6 cents per share, while another 29.16 million five-year warrants to purchase PLC were issued at a fixed price of 8 cents per share.
The company said it also hopes to expand the use of RenalGuard in Europe, where it has already been approved for use.
Revenue at PLC skyrocketed 88 percent in the first half of 2013, the company said last month.
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