ClearPoint Neuro Announces Early Repayment of $10 Million Note
27 August 2024 - 6:05AM
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 information, please visit
www.clearpointneuro.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the context of the federal securities laws, which may include the
Company’s expectations for the future performance, revenues, and
operating expenses, and the adequacy of cash and cash equivalent
balances to support operations and meet future obligations. These
forward-looking statements are based on management’s current
expectations and are subject to the risks inherent in the business,
which 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:
global and political instability, supply chain disruptions, labor
shortages, and macroeconomic and inflationary conditions; future
revenue from sales of the Company’s products and services; the
Company’s ability to market, commercialize and achieve broader
market acceptance for new products and services offered by the
Company; the ability of our biologics and drug delivery partners to
achieve commercial success, including their use of the Company’s
products and services in their delivery of therapies; the Company’s
expectations, projections and estimates regarding expenses, future
revenue, capital requirements, and the availability of and the need
for additional financing; the Company’s ability to obtain
additional funding to support its research and development
programs; the ability of the Company to manage the growth of its
business; the Company’s ability to attract and retain its key
employees; and risks inherent in the research, development, and
regulatory approval of new 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, 2023, and the Company’s Quarterly Report on Form
10-Q for the three months ended June 30, 2024, both of which have
been filed with the Securities and Exchange Commission. The Company
does not assume any obligation to update these forward-looking
statements.
Contact:
Media Contact:
Jacqueline Keller, Vice President of Marketing
(888) 287-9109 ext. 4
info@clearpointneuro.com
Investor Relations:
Danilo D’Alessandro, Chief Financial Officer
(888) 287-9109 ext. 3
ir@clearpointneuro.com
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