MEMPHIS, Tenn., Nov. 27, 2012 /PRNewswire/ -- MRI Interventions, Inc. (OTCBB: MRIC), a commercial stage medical device company focused on creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart, announced today that it has been presented the 2012 Global Company of the Year Award in Image-Guided Neural Interventions by Frost & Sullivan, a global business research and consulting firm. The award criteria established by Frost & Sullivan included degree of innovation with products and technologies, growth strategy excellence, growth implementation excellence, and leadership in customer value. Based on its own best practice research with industry value chain players, Frost & Sullivan concluded that MRI Interventions outperformed its competitors with respect to every award criterion.
MRI Interventions' innovative product, the ClearPoint® system, provides an integrated platform for performing a range of minimally-invasive neurological procedures under direct, real-time magnetic resonance imaging (MRI) guidance. ClearPoint is an integrated system of reusable components, disposable components and intuitive menu-driven software, which provides guidance for the placement and operation of instruments during neurological procedures performed within the MRI environment. Using the ClearPoint system, a surgeon sees and selects a neurological target, aims the ClearPoint targeting device, and watches in real-time as the surgical instrument is advanced to the target.
"MRI Interventions' ClearPoint system enables neurological interventions which offer distinct advantages over conventional and robotic procedures," said Frost & Sullivan healthcare industry analyst Beulah Devadason. "The many advantages of this system include reduced patient trauma, and reduction in the overall cost and time required for procedures, which further improves profitability for hospitals."
To date, ClearPoint systems have been installed at 16 hospitals in the United States and two hospitals in Europe. ClearPoint systems are in clinical use in connection with MRI scanners from the three major MRI scanner manufacturers, Siemens, GE Healthcare and Philips Healthcare, as well as the two major interventional MR/OR platforms that are manufactured by IMRIS and Brainlab.
"We are honored to accept the 2012 Company of the Year Award in Image-Guided Neural Interventions from such a well-respected organization," said Kimble Jenkins, MRI Interventions' CEO. "This kind of industry recognition is welcome validation that our team's hard work in developing and bringing to market the ClearPoint system is paying off." In 2010, the magazine Medical Device + Diagnostic Industry named MRI Interventions (then known as SurgiVision) as one of the 50 companies to watch in the medical device industry.
About MRI Interventions, Inc.
Founded in 1998, MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart. Utilizing a hospital's existing MRI suite, the company's FDA-cleared ClearPoint® system is designed to enable a range of minimally invasive procedures in the brain. MRI Interventions has a co-development and co-distribution agreement with Brainlab, a leader in software-driven medical technology, relating to the ClearPoint system. In partnership with Siemens Healthcare, MRI Interventions is developing the ClearTrace system to enable MRI-guided catheter ablations to treat cardiac arrhythmias, including atrial fibrillation. Building on the imaging power of MRI, the company's interventional platforms strive to improve patient care while reducing procedure costs and times. MRI Interventions is also working with Boston Scientific Corporation to incorporate its MRI-safety technologies into Boston Scientific's implantable leads for cardiac and neurological applications. For more information, please visit www.MRIinterventions.com.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. For more information, please visit www.frost.com.
Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements often can be identified by words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," or the negative of these words or other words of similar meaning. Forward-looking statements by their nature address matters that, to different degrees, are uncertain and involve risk. Uncertainties and risks may cause MRI Interventions' actual results and the timing of events to differ materially from those expressed in or implied by MRI Interventions' forward-looking statements. Particular uncertainties and risks include, among others: demand and market acceptance of our products; our ability to successfully expand our sales and marketing capabilities; our ability to successfully complete the development of, and to obtain regulatory clearance or approval for, future products, including our current product candidates; availability of third party reimbursement; the sufficiency of our cash resources to maintain planned commercialization efforts and research and development programs; future actions of the FDA or any other regulatory body that could impact product development, manufacturing or sale; our ability to protect and enforce our intellectual property rights; our dependence on collaboration partners; the impact of competitive products and pricing; and the impact of the commercial and credit environment on us and our customers and suppliers. More detailed information on these and additional factors that could affect MRI Interventions' actual results are described in MRI Interventions' filings with the Securities and Exchange Commission, including, without limitation, the quarterly report on Form 10-Q for the quarterly period ended September 30, 2012. Except as required by law, MRI Interventions undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release to reflect any change in MRI Interventions' expectations or any change in events, conditions or circumstances on which any such statements are based.
MRI Interventions, Inc.
David Carlson, CFO, 901.522.9300
SOURCE MRI Interventions, Inc.