Deal funds ClearPoint Neuro Intervention System's sales and marketing
By Devika Patel
Knoxville, Tenn., Jan. 25 - MRI Interventions, Inc. raised $11.04 million in a private placement of units on Jan. 25, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced for about $11 million on Jan. 18.
The company sold 9,201,684 units of one common share and a half-share warrant at $1.20 per unit.
The whole, five-year warrants will each be exercisable at $1.75, a 5.41%% discount to $1.85, the Jan. 17 closing share price.
William Blair & Co., LLC was the lead placement agent, First Analysis Securities Corp. was co-lead placement agent and Brookline Group LLC was co-placement agent.
Proceeds will be used to expand sales and marketing efforts for the ClearPoint Neuro Intervention System.
Based in Memphis, MRI Interventions develops systems for minimally invasive surgical procedures in the brain and heart.
| Issuer: | MRI Interventions, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $11,042,021
|
| Units: | 9,201,684
|
| Price: | $1.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.75
|
| Agents: | William Blair & Co., LLC (lead), First Analysis Securities Corp. (co-lead) and Brookline Group LLC (co-placement agent)
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $1.85 at close Jan. 17
|
| Market capitalization: | $72.03 million
|
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