Company description

Fri, 29 Jun 2012 04:00:00 GMT

MRI Interventions, Inc. designs, develops, and commercializes MRI-guided interventions for performing minimally invasive surgical procedures in the brain and heart in the United States. It develops ClearPoint, a neuro intervention system to enable a range of minimally invasive procedures in the brain; and ClearTrace, a cardiac intervention system to enable MRI-guided catheter ablations to treat cardiac arrhythmias, including atrial fibrillation. The company was formerly known as SurgiVision, Inc. and changed its name to MRI Interventions, Inc. in May 2011. The company was founded in 1998 and is based in Memphis, Tennessee.

Deal Flow

Thu, 05 Jul 2012 04:00:00 GMT

MEMPHIS, Tenn., July 5, 2012 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCBB:MRIC) today announced it has completed a private placement equity financing. In the financing, MRI Interventions received gross proceeds of $6 million from the sale of approximately 5.45 million units at a purchase price of $1.10 per unit. Each unit consists of one share of MRI Interventions' common stock and one warrant to purchase 0.5 share of MRI Interventions' common stock. The warrants will be exercisable for a five-year period and have an exercise price of $1.45 per share. Pricing for the financing was set by the company on June 25. Proceeds from the private placement will be used for general corporate and working capital purposes.

"We are pleased to secure this additional financing, which improves our financial position and provides further support as we continue to grow our business," said Kimble Jenkins, CEO of MRI Interventions.

Summer Street Research Partners, and the sub-placement agents engaged by Summer Street, served as the exclusive placement agents for the transaction.

The securities sold in the private placement have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from such registration requirements. MRI Interventions has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock, including shares of common stock issuable upon exercise of the warrants, sold in the private placement. Any resale of MRI Interventions' securities under the foregoing resale registration statement will be made only by means of a prospectus.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.

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Fri, 29 Jun 2012 04:00:00 GMT

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