PLC Systems had completed the sale of its Transmyocardial Revascularization (TMR) business to Novadaq Technologies, a developer of real-time imaging systems for use in the operating room and closed effective on 1 February 2011.
Novadaq has been the exclusive US distributor of PLC’s CO2 Heart Laser Systems and related kits for TMR since March 2007.
Under the terms of the agreement, Novadaq acquired all of PLC’s assets in the TMR business including manufacturing rights, product inventories, equipment, intellectual property, regulatory approvals, clinical data and all documentation related to TMR, for $1m US in cash, and the assumption of PLC’s obligations under service contracts valued at approximately $614,000.
PLC Systems president and CEO Mark Tauscher said with this critical first step behind, they are ready to focus resources on further developing their RenalGuard System operations, including continued efforts to raise additional funding to expand the RenalGuard business.
"We continue to believe that RenalGuard offers PLC a potentially lucrative future revenue stream, in addition to fulfilling an important unmet medical need, and we look forward to building upon the positive scientific data demonstrated in independent clinical trials," Tauscher said.