PLC Medical Systems Inc. improved first-quarter sales and margins, but the company’s most promising product remains on the shelf in the United States until much-needed funding comes along.
The Franklin-based company said it boosted sales 34 percent during the three-months ended March 31. The company booked about $1.6 million in sales for the quarter, compared to $1.1 million during the same period last year.
The revenues boost, fueled by increased overseas sales, helped the company narrow its losses by 53 percent, to $358,000, compared to $762,000 for the same period last year.
Company officials credited the cost savings to the shelving of a pivotal clinical trial for U.S. approval of the RenalGuard system. It’s designed treat contrast-induced nephropathy, a form of acute renal failure caused by exposure to contrast media agents during image-guided cardiology and radiology procedures.
The Food & Drug Administration approved human trials of the system, but PLC hasn’t been able to raise enough capital to mount the study. In July, the company shelved the trial until it can raise enough cash to run it. (RenalGuard is currently available in the European Union.)
PLC also announced the inking of a five-year distribution deal with IZASA Distribuciones Tecnicas S.A. of Barcelona, Spain, for the RenalGuard system. Terms of the deal were not announced.