PTC Therapeutics, MRI Interventions announce strategic investment

PTC Therapeutics and MRI Interventions announced a strategic equity investment, with PTC purchasing $4M 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. 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. 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, COO of PTC Therapeutics.

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