MRI Interventions has received a $4 million equity investment from PTC Therapeutics, a developer of gene therapy-based products for rare diseases.
PTC agreed to buy MRI Interventions stock at a price of $3.10 per share. PTC will also get the right to participate in future financings by MRI Interventions, and the right to designate a director to the company's board as long as certain conditions are met. PTC has nominated its chief operating officer, Marcio Souza, for the seat.
In addition to the investment, the companies entered into a supply agreement in which MRI Interventions will supply its neurosurgical devices for PTC's current and future gene therapy programs. MRI Interventions makes the ClearPoint neuro navigation system, which is designed to guide minimally invasive procedures in the brain.
With the PTC investment, MRI Interventions has secured a total of $5.4 million in funding.
