MRI Interventions to shutter Memphis plant

March 20, 2015 By Brad Perriello Leave a Comment

MRI Interventions (OTC:MRIC) said it plans to shutter its plant in Memphis in May and lay off all the workers there as the consolidates in Irvine, Calif.

MRI Interventions makes MRI-guided devices for brain and heart procedures, including the ClearPoint brain electrode placement system. The company said it’s making the move West to "enhance executive communications, streamline processes related to the commercialization of the ClearPoint system, and reduce ongoing costs."

"We look forward to building our market with a lean, focused organization based out of Irvine," president & CEO Frank Grillo said in prepared remarks.

A spokesman for the Tennessee Labor & Workforce Development Dept. said MRI Interventions has not filed a Worker Adjustment & Retraining Notification about the Memphis plant.

MRI Interventions also said it appointed former Pro-Dex (NSDQ:PDEX) CEO-CFO Harold Hurwitz as its new chief financial officer.

Hurwitz, who’s slated to start March 30, is a long-time industry consultant who also served as CFO of Micro Therapeutics, later acquired by ev3 (which was in turn acquired by Medtronic (NYSE:MDT)) and Interventional Spine.

“Hal’s finance experience includes nearly 40 years in public accounting and financial management, with significant time spent as a finance executive in the medical device industry,” Grillo said in a statement. “His experience as both CFO and CEO of small, publicly-traded medical device companies makes him a valuable addition to our executive management.”

MRI Interventions hired Grillo away from Intuitive Surgical (NSDQ:ISRG) to succeed Kimble Jenkins, who transitioned to the role of executive chairman.

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