MRI Interventions, Inc. Announces 2016 Third Quarter And Nine Month Results

IRVINE, Calif., Nov. 04, 2016 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRIC) today announced financial results for the quarter and nine months ended September 30, 2016.

Quarter Ended September 30, 2016 - Highlights
  • Achieved a record quarterly number of procedures with 128 patients benefitting from the Company's ClearPoint technology, a 32% increase in procedures over the same period in 2015; 
  • Revenues were $1.6 million for the three months ended September 30, 2016, and $1.2 million for the same period in 2015, an increase of 30%. Disposable revenue grew 32% as compared to the same period in 2015; 
  • Completed a private offering of equity units, which resulted in gross cash proceeds of $4.2 million and conversion of $1.75 million in secured debt, and included participation by Voyager Therapeutics; 
  • Reduced operating cash burn to $1.4 million, which included a semi-annual interest payment of approximately $240,000; 
  • Reduced operating loss to $1.7 million, as compared to $1.9 million in the same period of 2015; 
  • Publication of four different clinical papers relating to use of our technology.  This included an article in the research journal Stem Cells Translational Medicine, which outlined a novel approach for optimal delivery of therapeutic neural stem cells utilizing the ClearPoint Neuro-Navigation System by researchers at the Texas Biomedical Research Institute. This article discusses delivery of neural stem cells into a region of the brain that controls motor skills compromised by Parkinson's disease. An MRI-guided technique to implant these cells would move scientists one step closer to delivery of this therapy to Parkinson's patients;  
  • Completion by the University of Pittsburgh Medical Center ("UPMC") of its 75 th MRI-guided procedure using the ClearPoint Neuro-Navigation System.  UPMC is now performing the complete suite of ClearPoint MRI-guided procedures, including electrode placement, laser ablation, biopsy and drug delivery; 
  • Utilization of the ClearPoint Neuro-Navigation System at a practical clinic entitled "Laser Ablation Surgery: Opportunities, Indications, Technique and Outcomes" during the September 2016 Congress of Neurological Surgeons.

"We had good growth in disposable product sales this quarter, including strong orders from our drug delivery partners.  As we look toward the end of the year, we expect we will achieve more than 500 procedures for the first time in a twelve-month period, with a growing presence in laser ablation, biopsy, and other procedures contributing to our growth.  On the capital side, two systems sales contributed to our overall revenue, and we look forward to a strong fourth quarter," said Frank Grillo, Chief Executive Officer, MRI Interventions, Inc.  "We were pleased with the execution of the PIPE financing we completed in the third quarter, the support of two large debt holders who converted into equity, and the participation of Voyager Therapeutics and their purchase of $2 million in equity.  Companies in the neurological drug delivery space continue to show strong interest in our technology, and we believe in the growth and potential in this area."