I heard of PLC first time today as a broker call me to suggest a "strong buy" for PLC and he said that PLC will have FDA approval by mid summer and he was sure that will hit the 40s by end of summer..
Of course I did not buy it, I wanted to do my research and see what's up with PLC..
Here is a piese of news that I found today,
PLC Systems Board of Directors Prepares Company For The U.S. Launch
of The Heart Laser
April 22, 1997 10:37 AM EDT
Retains Goldman Sachs and Co. as Financial Advisor
Board Accepts Resignation of Lee Hibbs, President and CEO
FRANKLIN, Mass., April 22 /PRNewswire/ -- PLC Systems Inc. (AMEX: PLC) today announced that the Board of Directors has retained Goldman Sachs and Co. as the Company's financial advisor in seeking a strategic alliance partner. The Board has also accepted the resignation of President and Chief Executive Officer, M. Lee Hibbs, effective July 3l, 1997.
"The Company is on track for Food and Drug Administration (FDA) approval, and we expect that full approval could be granted in the summer months," stated Dr. Rudko. "There is a great deal of excitement for TMR in the medical community with an estimated market potential of more than $1 billion. Goldman Sachs is helping the Company to identify strategic partners who would assist PLC Systems in reaching the broadest audience, both domestically and abroad, for its products."
Commenting on Mr. Hibbs' resignation, Dr. Rudko stated, "Lee Hibbs has played an important role in guiding PLC Systems to its leadership position in the TMR industry and we wish him the best in his future endeavors. During the next couple of months we will be working with a national search firm to identify a successor who has the experience and shared vision to lead PLC Systems in its transition from a development company to a manufacturing and sales organization. I will continue to take an active role in the day-to-day operations as well as managing the FDA approval process."
PLC Systems announced that on February 18, 1997 the PreMarket Approval (PMA) application for The Heart Laser(TM) had been filed by the FDA. The filing of the PMA application is an important event which indicates that the FDA is prepared to perform a substantiative review and intends to schedule an advisory panel meeting for TMR using The Heart Laser.
PLC Systems Inc. is a cardiac revascularization company developing medical systems and technology with the potential to provide patients suffering from coronary artery disease an alternative to angioplasty and cardiac bypass surgery. PLC Medical Systems, Inc., a wholly owned subsidiary of PLC Systems Inc., has developed the carbon dioxide (CO2) Heart Laser which uses PLC's patented technology for a new cardiosurgical procedure known as Transmyocardial Revascularization (TMR). The Company has been granted expedited review of its PreMarket Approval (PMA) application for TMR using The Heart Laser to treat cardiac patients with medically refractory angina who are not candidates for angioplasty or bypass surgery.
Note: Certain of the statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors including competitive developments, no guarantee of FDA approval and other risk factors listed from time to time in the Company's SEC reports. SOURCE PLC Systems, Inc.
c PR Newswire. All rights reserved.
Additional sources of information
Tell Me More - From Infoseek
Company Profile - From E*TRADE: PLC
Stock Charts - From Quote.Com: PLC
SEC Filings - From EDGAR Online: PLC
Company Capsule - From Hoover's Online: PLC
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