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.
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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.
Source: BioSpace
