PLC Systems, Inc
This article was originally published in The Gray Sheet
Executive Summary
Private placement of common stock raises $8 mil., which will be used to fund accelerated commercialization of the firm's Heart Laser transmyocardial revascularization laser system. The device gained FDA approval in August 1998 ("The Gray Sheet" Aug. 24, 1998, p. 9). The investment by "a major institutional investor" will provide cash over the next four months in exchange for PLC common stock issued at a fixed price discount to the prevailing market price, PLC explains