Last $0.01 USD
Change Today -0.001 / -6.67%
Volume 371.5K
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As of 8:10 PM 09/17/14 All times are local (Market data is delayed by at least 15 minutes).

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09/19/13 - $0.07
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plc systems inc (PLCSF) Details

PLC Systems Inc., a medical device company, provides technologies for the cardiac and vascular markets. It offers RenalGuard, a real-time automated measurement and matched fluid replacement device that is designed to reduce the potentially toxic effects that contrast media could have on the kidneys when it is administered to high-risk patients during certain medical imaging procedures. The company sells its product through distributors worldwide. It is also conducting pivotal clinical study, assessing the safety and effectiveness of RenalGuard in reducing the rates of CIN in at-risk patients in the United States. PLC Systems Inc. was founded in 1987 and is based in Milford, Massachusetts.

6 Employees
Last Reported Date: 03/31/14
Founded in 1987

plc systems inc (PLCSF) Top Compensated Officers

Chairman, Chief Executive Officer, President,...
Total Annual Compensation: $290.3K
Chief Financial Officer, Chief Accounting Off...
Total Annual Compensation: $140.0K
Compensation as of Fiscal Year 2013.

plc systems inc (PLCSF) Key Developments

PLC Systems Inc. Issues Unsecured Promissory Note for $250,000

On September 2, 2014, PLC Systems Inc. issued to GCP IV LLC (GCP) an unsecured promissory note for an aggregate principal amount of $250,000 (the Note). The Note bears interest at a rate of 5% per annum, payable in arrears on the maturity date, which occurs on the earlier of September 2, 2017 and the date on which all amounts under the Note become due and payable pursuant to an event of default. The note is unsecured and may be prepaid, without premium or penalty, at any time. The Note contains covenants restricting the company from, among other things, incurring debt, granting liens, and entering into a new line of business. Following an event of default, the interest rate on the note will increase to 16% per annum and, at the election of the holder, the entire principal amount together with all accrued interest on the note may be accelerated. Under the terms of the note, an event of default includes, among other things, failure to make a timely payment, breach of covenants or representations and warranties under the note, cross-defaults, initiation of a bankruptcy or insolvency proceeding of the company and judgments entered against the company. In connection with the issuance of the Note, the company entered into a Debenture Amendment Agreement, dated September 2, 2014, with certain investors holding a majority of the outstanding senior secured debentures sold pursuant to that certain Securities Purchase Agreement, dated February 22, 2011, as amended. Pursuant to the terms of the Amendment, the Debentures were revised to permit up to $500,000 of indebtedness for borrowed money.

PLC Systems Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

PLC Systems Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenues of $54,000 against $348,000 a year ago. Loss from operations was $996,000 against $1,070,000 a year ago. Net loss was $2,412,000 or $0.02 per basic share against $7,808,000 or $0.19 per basic share a year ago.

PLC Systems Inc. Auditor Raises 'Going Concern' Doubt

PLC Systems Inc. filed its 10-K on Mar 31, 2014 for the period ending Dec 31, 2013. In this report its auditor, McGladrey LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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