MRI Interventions Announces Strategic Agreement with Voyager Therapeutics for Neurosurgical Device Service, Supply and Development
Agreement to include service and support of ClearPoint® and SmartFlow® Devices, and joint-development of new neurosurgical devices
IRVINE, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCQB:MRIC) today announced a strategic agreement with Voyager Therapeutics, Inc. (NASDAQ:VYGR), a clinical-stage gene therapy company focused on developing life-changing treatments for severe neurological diseases. The agreement includes service and clinical case support of MRI Interventions’ ClearPoint® and SmartFlow® products employed in Voyager’s planned Phase 2-3 pivotal program of its gene therapy, VY-AADC, for Parkinson’s disease. In addition, the companies agree to jointly develop new minimally invasive neurosurgical devices using intra-procedural, or real-time, magnetic resonance imaging (MRI) guidance, including joint development of new hardware, software and cannulas to support delivery of certain Voyager gene therapy programs.
“We are thrilled that our experience with Voyager over the past several years has graduated to a more extensive and collaborative agreement,” commented Joe Burnett, President and CEO of MRI Interventions. “In our 2017 financial results conference call held this past March, we described how one of our four growth strategies includes being the leader in biologics and drug delivery focused in neurosurgery. This agreement is an example of us executing on that strategy with the goal of being not just a supplier but also a meaningful provider of clinical case support and development of potential new devices in the exciting area of gene therapy drug development.”
“Today’s announcement of our agreement with MRI Interventions makes strong strategic sense, particularly as our lead program advances towards a pivotal stage of development,” said Steven Paul, M.D., Voyager’s president and chief executive officer. “MRI Interventions is a leader in the area of minimally invasive neurosurgical devices using real-time MRI-imaging and they have already provided meaningful support of our Phase 1b Parkinson’s program. We are excited to now leverage our relationship toward service, support and development of devices for our pivotal program as it advances in clinical development, and potentially for optimizing delivery for some of our other gene therapy programs as well.”
Under the terms of the agreement, MRI Interventions will provide supply and increased stock of ClearPoint and SmartFlow devices to support Voyager’s planned Phase 2-3 pivotal program for VY-AADC for Parkinson’s disease and for its potential commercial launch. MRI Interventions and Voyager expect to begin a joint-development of next generation navigation systems, software and cannula devices that are tailored for Voyager’s gene therapy programs. Voyager will train MRI Intervention’s clinical specialists to support the planned Phase 2-3 pivotal program for VY-AADC for Parkinson’s disease.
About MRI Interventions, Inc.
Building on the imaging power of magnetic resonance imaging (“MRI”), MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain. The ClearPoint Neuro Navigation System, which has received 510(k) clearance and is CE marked, utilizes a hospital’s existing diagnostic or intraoperative MRI suite to enable a range of minimally invasive procedures in the brain. For more information, please visit www.mriinterventions.com.
Forward-Looking Statements
Statements herein concerning MRI Interventions, Inc.’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the Company’s ability to obtain additional financing; estimates regarding the sufficiency of the Company’s cash resources; future revenues from sales of the company’s ClearPoint Neuro Navigation System products; and the company’s ability to market, commercialize and achieve broader market acceptance for the company’s ClearPoint Neuro Navigation System products. More detailed information on these and additional factors that could affect the company’s actual results are described in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2017.
MRI Interventions Contact:
Harold A. Hurwitz, Chief Financial Officer
(949) 900-6833
Matt Kreps
Darrow Associates Investor Relations
(214) 597-8200
mkreps@darrowir.com
Voyager Therapeutics Contact:
Matt Osborne, Vice President of Corporate Communications & Investor Relations
(857) 259-5353
mosborne@vygr.com
Released May 15, 2018