AUSTIN, Texas--(BUSINESS WIRE)--Medical Carbon Research Institute L.L.C. (MCRI™), the innovative carbon technology and cardiovascular surgery products company, today announced that it has become On-X® Life Technologies, Inc. (On-X LTI). The transition in corporate structure and name occurred as part of a recapitalization and financing plan that eliminated most of the Company’s debt and provided additional capital to further grow the business. Under the terms of the financing agreement, New York-based Paul Capital Healthcare, Austin-based PTV Sciences and several other existing investors provided $32 million through a combination of debt, revenue interest and royalty conversion as well as a new equity capital infusion into the Company.
