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Edwards Lifesciences Reports Stake in PLC

April 06, 2001|Dow Jones

Edwards Lifesciences Corp. in Irvine reported a 28.4% stake in PLC Systems Inc. as part of a marketing alliance with the Franklin, Mass., health services company.

Edwards controls 8.3 million shares of PLC's common stock, according to a report filed Thursday with the Securities and Exchange Commission.

In January, PLC said it received a $4-million equity investment from Edwards through the sale of 5.3 million shares of its common stock at 75 cents a share.

PLC, which has about 23.9 million shares outstanding, also granted Edwards warrants to buy 3 million shares until Jan. 9, 2006, at exercise prices ranging from $1.50 to $3.50 each.

Under the agreement, Edwards will distribute PLC's next generation CO2 TMR Heart Laser system and all associated components throughout the U.S.

Edwards Lifesciences develops cardiovascular disease treatment products. It was spun off from Baxter International Inc. on March 31, 2000.

Edwards stock closed Thursday at $19.10, up 25 cents a share, on the New York Stock Exchange. PLC shares moved up 21 cents to 77 cents on the American Stock Exchange.

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