PLC Systems Expands Into New Manufacturing Facility
FRANKLIN, Mass., Oct. 22 /PRNewswire-FirstCall/ -- PLC Systems Inc. , a worldwide leader in cardiac laser technologies, today reported that it has entered into an agreement to lease a clean room manufacturing facility in Billerica, Massachusetts. PLC intends to use the facility for the commercial manufacturing of the disposable components for the Optiwave 980 Cardiac Laser Ablation System. The Optiwave 980 laser is manufactured in PLC's Franklin, Massachusetts facility.
"This is an extraordinary opportunity for PLC to lease a world-class facility, which includes a clean room for manufacturing processes and product assembly of the Optiwave 980 disposable handpieces," stated Mark R. Tauscher, president and CEO of PLC Systems. "I expect that this facility will be tested and validated in the fourth quarter. We anticipate to be fully operational and in production during the first quarter of 2005."
Tauscher continued, "Leasing this facility, which complements our stated growth objective of expanding our product portfolio, is an important step for PLC. This decision is a result of the continued progress we are making in the commercialization of the Optiwave 980. After considering several options, we concluded that the Billerica site meets our manufacturing expansion requirements."
During the first quarter of this year, PLC Systems and Edwards Lifesciences Corporation announced that the two companies entered into an exclusive, multi-year agreement to develop and manufacture Edwards' Optiwave 980 surgical ablation system. Prior to the PLC and Edwards agreement, the Optiwave 980 project was an ongoing program within Edwards. During 2004, the research and development of the Optiwave 980 system was transitioned to PLC.
Tauscher concluded, "We are excited about the opportunities for the Optiwave 980 project. Combined with our strategic alliance, current development programs and our existing Franklin, Massachusetts site, this facility will play an integral role in providing PLC with a strong foundation for growth. This expansion will create a number of technically-skilled jobs in the Commonwealth of Massachusetts."
About PLC Systems Inc.
PLC Systems is a medical technology company specializing in innovative technologies for the cardiac and vascular markets. Currently, the company is focused on two unique cardiac laser therapies. Headquartered in Franklin, Mass., PLC pioneered the CO2 Heart Laser System that cardiac surgeons use to perform CO2 transmyocardial revascularization (TMR) to alleviate symptoms of severe angina. In addition, PLC is developing and manufacturing a surgical cardiac ablation laser technology, known as the Optiwave 980, which is utilized by surgeons to ablate cardiac tissue. Additional company information can be found at http://www.plcmed.com/.
This press release contains "forward-looking" statements. For this purpose, any statements contained in this press release that relate to prospective events or developments are deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will" and similar expressions are intended to identify forward-looking statements. Our statements of our objectives are also forward looking statements. While we may elect to update forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our estimates change, and you should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release. Actual results could differ materially from those indicated by such forward-looking statements as a result of a variety of important factors, including we may be unable to successfully develop products under our new agreement with Edwards and Edwards may be unsuccessful in distributing these products, operational changes, competitive developments may affect the market for our products, regulatory approval requirements may affect the market for our products, we may be unable to convince health care professionals and third party payers of the medical and economic benefits of the CO2 Heart Lasers and the Optiwave 980 System, and there can be no assurance that all payers will reimburse health care providers who perform TMR procedures or that reimbursement, if provided, will be adequate, and additional risk factors described in our Report on Form 10-K for the year ended December 31, 2003, and our other SEC reports.
PLC Systems, PLC Medical Systems, PLC and CO2 Heart Laser are trademarks of PLC Systems Inc.
Edwards Lifesciences, Edwards, and Optiwave 980 are trademarks of Edwards Lifesciences.
Contact: John Jordan Director of Investor Relations 508-541-8800, ext. 145PLC Systems Inc.
CONTACT: John Jordan, Director of Investor Relations of PLC Systems, +1-508-541-8800, ext. 145
Web site: http://www.plcmed.com/