SOUTH PLAINFIELD, N.J. and IRVINE, Calif., May 9, 2019 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) and MRI Interventions, Inc. (OTCQB: MRIC) today announced a strategic equity investment, with PTC purchasing $4.0 million in shares of MRI common stock. PTC and MRI have also entered into a supply agreement for MRI's neurosurgical devices for PTC's current and future gene therapy programs. MRI is a platform neurosurgery company developing products designed for navigation, ablation, deep brain stimulation, biopsy, aspiration and gene therapy.
"We are excited to be working with MRI Interventions to bring state of the art products that will allow direct delivery of our gene therapies to target tissues," said Stuart W. Peltz, Ph.D., Chief Executive Officer of PTC Therapeutics. "The safe and precise delivery of our therapy is of utmost importance. We believe this investment and collaboration with MRI will help us rapidly bring our therapies to patients in need of our treatments."
PTC Therapeutics and certain other accredited investors have entered into a securities purchase agreement to purchase MRI Interventions' common stock for a purchase price of $3.10 per share. Closing of the transaction is expected to occur on May 17, 2019. Effective upon closing of the transaction, PTC Therapeutics, as the lead investor, will also receive the right to participate in future financings by MRI Interventions in addition to certain registration rights pursuant to the terms of the securities purchase agreement. In addition, PTC Therapeutics will also receive the right to designate a director nominee for MRI Interventions' board of directors for so long as PTC Therapeutics' satisfies certain conditions as set forth in the securities purchase agreement. PTC Therapeutics initial director nominee, which MRI Interventions' board of directors has resolved to appoint to serve as a director on the board of directors of MRI Interventions, effective as of the closing of the transaction, will be Marcio Souza, Chief Operating Officer of PTC Therapeutics.
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Joe Burnett, President and Chief Executive Officer of MRI Interventions said, "We are thrilled to bring on a new partner, especially one of the size and scale of PTC Therapeutics. They have a formidable team of scientists and researchers who have accepted the challenge of treating the most debilitating neurological disorders. We look forward to contributing to their CNS gene therapy portfolio from the standpoint of device navigation and delivery and believe that working together we will achieve better outcomes and better care for the patients suffering from these challenging diseases."