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ClearPoint Neuro Announces Early Repayment of $10 Million Note
SOLANA BEACH, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global device, cell, and gene
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"SOLANA BEACH, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global device, cell, and gene therapy-enabling company offering precise navigation to the brain and spine, today announced that on August 23, 2024, it provided for the full early repayment of the principal amount and interest on a $10 million convertible note held by PTC Therapeutics Inc., which would have matured in January 2025 according to its terms. The convertible note was issued by the Company pursuant to a financing transaction which was completed in January 2020. “PTC has been and continues to be a strong partner of ClearPoint Neuro. The early repayment of our convertible note shows how both companies continue to work together to find a desired outcome,” commented Joe Burnett, President and CEO at ClearPoint Neuro. “This early repayment underlines the confidence we continue to have in our business, and it accomplishes the very important financial and strategic goal of removing all debt from our balance sheet in a way that avoids additional dilution. PTC still maintains the full support of ClearPoint Neuro for the Biologics License Application submission to FDA for Upstaza™ (eladocagene exuparvovec), an investigational treatment for AADC Deficiency currently under priority review by the agency, and we are excited to continue to work with PTC.” About ClearPoint Neuro ClearPoint Neuro is a device, cell, and gene therapy-enabling company offering precise navigation to the brain and spine. The Company uniquely provides both established clinical products as well as preclinical development services for controlled drug and device delivery. The Company’s flagship product, the ClearPoint Neuro Navigation System, has FDA clearance and is CE-marked. ClearPoint Neuro is engaged with healthcare and research centers in North America, Europe, Asia, and South America. The Company is also partnered with the most innovative pharmaceutical/biotech companies, academic centers, and contract research organizations, providing solutions for direct CNS delivery of therapeutics in preclinical studies and clinical trials worldwide. To date, thousands of procedures have been performed and supported by the Company’s field-based clinical specialist team, which offers support and services to our customers and partners worldwide. For more inf...