PLC Sells Division For $1M
Franklin-based PLC Systems Inc. has completed the previously announced $1-million sale of its cardiac medical device division to a Florida-based company.
PLC sold its Transmyocardial Revascularization (TMR) business to Novadaq Technologies Inc., which is a publicly-traded company based in Bonita Springs, Fla.
PLC's TMR division makes the CO2 Heart Laser 2, a cardiac medical device that allows new blood vessels to grow. Novadaq has been distributing the system for PLC since March 2007.
PLC announced the sale in November and shareholders approved the deal last month. Novadaq is also assuming about $600,000 in service contracts.
PLC's main product is the Renal Guard system, which is approved for sale in the European Union to as a fluid-balancing medical device.
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