Medical device maker PLC Systems (PINK:PLCSF) touted a new $1.75 million raise, which the company plans to use to fund its ongoing U.S. pivotal trial for the RenalGuard system.
PLC sold more than 29 million shares of common stock at 6¢ apiece and more than 29 million 5-year warrants at 8¢ apiece, according to a company statement. In connection with the funding, PLC’s senior secured convertible debt was re-priced to 6¢ per share and future interest payments were suspended.
The Massachusetts-based medical device maker earlier this year launched a clinical trial to evaluate treatment of patients with acute kidney failure who are undergoing transcatheter aortic valve implantation.
The TAVI procedure, used in patients with faulty aortic valves, can cause complications including acute kidney failure. PLC hopes to show that patients treated with RenalGuard will suffer less from acute kidney failure than those without the renal treatment.
"We are grateful to our existing shareholders who provided this funding to continue to support our efforts to advance the clinical development of RenalGuard in the U.S.," PLC CFO Gregory Mann said in prepared remarks. "We continue to focus our efforts on expanding the use of RenalGuard outside of the U.S. while at the same time continuing our pivotal trial with the U.S. FDA."
The new funds will get the company through early 2014, as PLC continues to enroll patients into the trial, Mann added.