Inventors and Patents From the City of Murfreesboro
In the month of June alone, three Murfreesboro-based inventors were granted patents. These include MRI Interventions Inc., Kajeet, and Lockheed Martin. While a patent does not guarantee commercial success, it is required for a successful invention.
MRI Interventions Inc.
MRI Interventions Inc. is a medical technology company based in California. Its products are designed for invasive surgical procedures in the heart and brain. The company currently employs 20 people. Its corporate headquarters are in Memphis, Tennessee, and its product development takes place in Irvine, California. It was previously known as SurgiVision Inc. and was founded in 1998.
MRI Interventions developed the ClearPoint minimally invasive neurosurgical system, which allows surgeons to perform surgery while the patient remains stationary in an MRI scanner. This system has potential applications in neurological disorders such as Parkinson’s disease, epilepsy, and brain tumors. The company’s shares were priced at $1.03 on Tuesday, and they are currently trading Over-the-Counter.
The company has also announced an alliance with Tocagen Inc., which is developing an investigational drug called Toca 511. This acquisition will allow MRI Interventions to further develop its product line and gain market share in a rapidly growing medical device market. The company expects that the Toca 511 drug will be approved by the U.S. Food and Drug Administration by the end of the year.
The company’s name change to ClearPoint Neuro, Inc. is intended to reflect its strategic focus and new vision. The new company will be trading under the symbol “CLPT” on the Nasdaq Stock Exchange. Its focus will be on delivering therapies to patients suffering from neurological disorders.
The company has completed a strategic equity investment in MRI Interventions, in which PTC Therapeutics purchased $4.0 million in common stock. The deal is expected to close on May 17, 2019. As part of the agreement, PTC will have certain registration rights and be a nominee for MRI Interventions’ board of directors.
Lockheed Martin is a multinational company headquartered in Bethesda, Maryland, that develops advanced aerospace and defense technologies. It has sold warships to Saudi Arabia and a ballistic missile defense system to Qatar. The company has also contracted with the U.S. Pentagon to help develop its missile defense system. In addition, it manufactures aircraft for the U.S. Air Force, including the C-5M Super Galaxy, a large cargo aircraft.
The invention that has made Kajeet the subject of a patent is a software program designed to monitor and manage a mobile device’s features. The technology was developed by Kajeet, which is located in Bethesda, Md. The inventors are Matthew Donald Baker, Steven Ira Geller, Douglas Owen Kesser, Carol Ann Politi, and Ben Julian Weintraub.