MRI Interventions announced a plan to change its name to ClearPoint Neuro, effective February 14. The company also reported growth in revenue for its fiscal 2019 year and fourth quarter.
The company's preliminary results indicate that revenue for the year is expected to reach approximately $11.2 million, an increase of 53% from $7.4 million in 2018. Quarterly revenue (end-December 31, 2019) is expected to be approximately $3.2 million, up 43% from $2.3 million in the prior year's fourth quarter. The increases stemmed largely from the completion of 801 cases with the company's ClearPoint Neuro navigation system, compared with 670 completed cases in 2018, the company said.
MRI Interventions also announced that pharmaceutical company PTC Therapeutics and Petrichor Healthcare Capital Management agreed to invest $17.5 million in the company. The transaction is scheduled to close on or before February 29.
