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PLC Systems

This article was originally published in The Gray Sheet

Executive Summary

Proposed offering should enable the firm to meet cash requirements through the end of 1993. The Milford, Massachusetts-based company plans to use the $1.4 mil. in expected net proceeds for costs associated with premarket approval of its Heart Laser, a laser system for transmyocardial revascularization ("The Gray Sheet" June 22, 1992, p. 17). Of the 850,534 shares registered on Feb. 12 with the Securities and Exchange Commission, 765,844 will be offered by stockholders. The remaining 84,699 shares are issuable upon the exercise of warrants granted in an August 1992 bridge financing. The estimated $1.4 mil. in proceeds will be realized via the exercise of the warrants and upon payment of promissory notes that were issued in connection with the warrants.
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