MRI Interventions, Inc. Closes $17.5 Million Strategic Investment from PTC Therapeutics, Inc. and Petrichor Healthcare Capital Management

IRVINE, Calif., Jan. 29, 2020 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (Nasdaq: MRIC) (the “Company”), a leading platform neurosurgery company, closed its previously announced $17.5 million strategic investment from PTC Therapeutics, Inc. (“PTC”) and Petrichor Healthcare Capital Management (“Petrichor”), with $10.0 million of notes funded by PTC and $7.5 million of notes funded by Petrichor. Under the terms of the investment, the Company also has the right to issue up to $15.0 million of additional secured convertible notes to Petrichor at any time on or prior to January 11, 2022.

With the net proceeds from the sale of the notes to PTC and Petrichor, the Company intends to repay in full its existing secured indebtedness, and to fund product commercialization, internal research and development, and general corporate requirements.

Bass, Berry & Sims PLC acted as legal counsel to the Company.

The offer and sale of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and the notes and such shares may not be offered or sold absent registration with the U.S. Securities and Exchange Commission (the “SEC”) or an applicable exemption from registration requirements, or in a transaction not subject to such registration requirements.

This press release is neither an offer to sell nor a solicitation of an offer to buy the notes or the shares of common stock issuable upon conversion of the notes, if any, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Further information on the investment is set forth in the Current Report on Form 8-K filed by the Company with the SEC on January 29, 2020.

About the Company

The Company’s mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company’s current product portfolio include deep-brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics and gene therapy to the brain. The ClearPoint Neuro Navigation System has FDA clearance, is CE-marked, and is installed in 60 active clinical sites in the United States. The Company’s SmartFlow cannula is being used in partnership or evaluation with more than 20 individual biologics and drug delivery companies in various stages from preclinical research to late stage regulatory trials. To date, more than 3,500 cases have been performed and supported by the Company’s field-based Clinical Specialist team which offers support and services for our partners. For more information, please visit www.mriinterventions.com.