MRI Interventions, Inc. Closes $17.5 Million Strategic Investment from PTC Therapeutics, Inc. and Petrichor Healthcare Capital Management
MRI INTERVENTIONS INC COMMON (MRIC)
NASDAQ:AMEX Investor Relations:
mriinterventions.com
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Source: GlobeNewswire
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
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