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Biotech / Medical : PLC Systems -- Ignore unavailable to you. Want to Upgrade?

To: Charger who wrote (737)	4/27/1998 8:30:00 AM
From: Oblivious	Read Replies (2) \| Respond to of 1202

More good NEWS! Dave FRANKLIN, Mass., April 27 /PRNewswire/ -- PLC Systems Inc. (AMEX: PLC) today announced that the Company has secured, through Solomon Smith Barney, a financing commitment up to $10 million from two institutional investors. Under the terms of the financing, PLC has received $5 million from the issuance of convertible debentures due April 23, 2003, with a commitment to receive up to an additional $5 million. The debentures are convertible into common shares under a predetermined formula that is based on the market price of PLC's Common Stock at the time of conversion. PLC Systems will file a registration statement for the shares of Common Stock for the underlying debentures. "On April 24, 1998 the Food and Drug Administration (FDA) circulatory systems devices' advisory panel unanimously recommended approval of PLC's Heart Laser System for Transmyocardial Revascularization (TMR) for patients who suffer from sever, chronic stable angina and are not amenable to conventional coronary revascularization techniques," stated William C. Dow, President and CEO of PLC Systems Inc. "We believe, that upon clearance of the Company's PMA application, PLC Systems has the potential for a significant market lead in the TMR industry. PLC Systems has secured this additional capital to support a successful market launch of The Heart Laser to the hundreds of open-heart centers in the U.S. upon full FDA clearance. In addition, this new funding will allow the Company to conduct further research in the TMR arena, such as our ongoing study evaluating TMR as an adjunct to bypass surgery, as well as develop new products." TMR or transmyocardial revascularization is a new surgical procedure for patients with chronic, severe coronary artery disease with no treatment alternative. The procedure has been performed on approximately 3,500 patients worldwide. Since TMR with The Heart Laser System is minimally invasive, recovery is generally quicker and less traumatic than open heart procedures. Generally, no blood transfusion is needed and, since the procedure is performed on a beating heart, there is no need for a heart-lung machine. PLC Systems Inc. is a cardiac revascularization company that is pioneering, developing and supplying the systems and components for TMR. The Company is investigating TMR as a technology with the potential to provide patients suffering from coronary artery disease an adjunct to angioplasty and coronary bypass graft surgery. PLC Medical Systems, Inc., a wholly owned subsidiary of PLC Systems Inc., has developed the CO2 Heart Laser System for TMR, which uses PLC's patented 'heart-synchronized pulsed laser' technology. Note: Certain of the above statements may be forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements as a result of a variety of factors, including competitive developments, regulatory approval requirements, the ability to convince health care professionals and third party payers of the medical and economic benefits of The Heart Laser System, and the risk factors described in the Company's annual report, SEC Form 10K for fiscal year ended December 31, 1997, and the company's other SEC reports. SOURCE PLC Systems Inc. /CONTACT: Michele Fasano, Director of Corporate Communications of PLC Systems, 800-211-7327/