MRI Interventions, Inc. (NasdaqCM:MRIC) announced that it has entered into securities purchase agreement with returning investor PTC Therapeutics, Inc. (NasdaqGS:PTCT) and Petrichor Opportunities Fund I LP, a fund managed by Petrichor Healthcare Capital Management LP for private placement of floating rate secured convertible notes for gross proceeds of $17,500,000 on January 11, 2020. As part of the transaction, PTC Therapeutics, Inc. (NasdaqGS:PTCT) will invest $10,000,000 and Petrichor Opportunities Fund I LP will invest $7,500,000. The notes are convertible into common shares of the company at a conversion price of $6 per share.

The notes issued will mature in five years from closing of the transaction. The company has right to request an additional $15,000,000 in the form of notes at any time on or prior to January 11, 2022. The transaction is expected to close on or before February 29, 2020.

The company shall reimburse the investors in connection with the preparation, negotiation, execution and delivery of the agreement and the other transaction documents shall not exceed $150,000.