Greetings, and welcome to the MRI Intervention’s Fourth Quarter and Full-Year 2012 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Oscar Thomas, Vice President, Business Affairs for MRI Interventions. Thank you, Mr. Thomas. You may begin.

Thank you, Manny, and good afternoon, everyone. Thank you for joining us today for our fourth quarter and full-year 2012 financial results conference call. As Manny says, this is Oscar Thomas, Vice President, Business Affairs for MRI Interventions. With me this afternoon are Kim Jenkins our CEO; and David Carlson, our CFO. Before we begin with our presentation, I do want to point out that some statements we make during today’s call will be forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, for example, statements we make of our plans and objectives relating to our commercialization efforts for our ClearPoint system. Forward-looking statements often can be identified by words such anticipates, believes, could, estimates, expects, intends, may, plans, potential, predicts, projects, should, will, would, and other words of similar meaning. Forward-looking statements by the nature address matters that to different degrees are uncertain and involve risk, and they are made based on the current beliefs of MRI Interventions’ management. Uncertainties and risks may cause our actual results and the timing of events to differ materially from those expressed or implied in forward-looking statements we make today. Detailed information regarding the risks, uncertainties and other factors that could affect MRI Interventions actual results and the timing of events are described in the Risk Factor section of the Quarterly Report on Form 10-Q that we filed with the SEC on November 14, 2012, as well as the Risk Factor section of the Form S-1 registration statement that we filed with the SEC on February 11, 2013. You can find those SEC filings in the investor section of our website at www.mriinterventions com. With that, I’ll now turn the call over to Kim.

Thanks, Oscar, and good afternoon, everyone. Thank you for joining us on this, our first earnings call. On behalf of the management team and employees of MRI Interventions, we appreciate your interest in our company. And for those of you who are shareholders, we thank you for your support. We’re honored to be working for you in building this great company. 2012 was an important and exciting and productive year for MRI Interventions. It was a year of growth, a year of first and a year of significant progress. During this call, we look forward to discussing with you the details of our progress and the results for the full fiscal 2012 year, as well as the fourth quarter ended, December 31. Before we dive into the details, I’d like to take a few minutes to describe the environment and the overall opportunity for our company. I’d like to begin by reading a column from a San Francisco newspaper, a few weeks ago. Brain injury and brain diseases are really one of the last great frontiers of medicine. I’m quoting Dr. Geoff Manley, Chief of Neurosurgery at San Francisco General Hospital. Dr. Manley’s quote continued as we have more effective treatments for infectious disease, cancer, and heart diseases. Diseases of the brain or injury to the brain continue to rise year-by-year in terms of their costs and impact to society. Listen, Dr. Manley is correct, the neuroscience field is indeed the last great frontier in medicine. This is a topic, it’s important enough and timely enough for President Obama in the State of the Union addressed, just a few weeks ago to reference a major multibillion dollar initiative called The Brain Activity Map Project. The responses to this initiative which has now been reported on, in fact, with every major…

Thanks, Kim. We’re pleased to report a very solid fourth quarter and a strong finish to 2012. We recorded revenues of $1.9 million in the fourth quarter of 2012, compared with $1.2 million in Q4 of 2011. The fourth quarter of 2012 revenues included recognition of $1.4 million in license fee revenues compared with $650,000 in license fee revenues recorded in the fourth quarter of 2011. Our license fee revenues recognized in both years relates to the amounts we’ve received previously under our agreements with Boston Scientific. Product revenues were $339,000 in the fourth quarter of 2012 compared with $451,000 for the same period in 2011. As we look at product revenues, we segregate them into two categories, capital products and disposable products, the razor and razor blades if you will. Importantly, disposable product revenues were $308,000 in Q4 of 2012 compared with $178,000 in the fourth quarter of 2011, an increase of 73% which reflects the increased number of ClearPoint procedures being performed. Overall, revenues also included development service revenues of $127,000 for Q4 of 2012 and $63,000 for Q4 of 2011. These developments services were performed on a contract basis for one of our strategic partners. For the year, we recorded revenues of $5.1 million compared with $3.8 million for 2011. The 2012 revenues included recognition of $3.3 million in license fee revenues compared with $2.6 million in 2011. Although, product revenues were $1.2 million in both years the mix of product revenues was very good from year-to-year. Disposable product revenues grew by 128% from $448,000 in 2011 to a little over $1 million in 2012. Capital product revenues were $150,000 for 2012 compared with $707,000 in 2011, as six of the seven new sites in 2012 were installed under our ClearPoint Placement Program. Total revenues included development…

Thanks, David. As David said, we’re very pleased with our Q4 and our full-year operating results. Looking beyond those numbers, I’d like to highlight a few other items. In 2012, we significantly improved our balance sheet. We ended the year with $1.6 million in cash compared with $145,000 at the end of 2011. Current liabilities decreased from $14.6 million at the end of 2011 to $4.2 million at the end of 2012. Total liability decreased by $13.6 million from December 2011 to 2012. I’d also note, the equity financing we closed in January of this year, yielded approximately $10 million in cash, which combined with the cash we had at the end of the year provided us with the capital to complete the commercial rollout of our ClearPoint product. In 2012, we became a publicly traded company, something we believe is quite an accomplishment given the challenging capital market at that time. We began trading at $0.75 per share on May 21. Today, we closed at $1.58 per share. Our average trading volume on a daily basis is almost 80,000 shares. Although, it required a lot of senior management time, becoming public has been very beneficial for the company. Predictably, it has given us easier access to capital and is providing liquidity for our shareholders. A less obvious, but very important benefit, it has increased our visibility to neurosurgeons, to neurologists, to hospital administrators, and patients regarding the revolutionary capability of our ClearPoint product. To give you a specific example, from a single press release on November 27, we generated 320 external links, 130 visits to our website and 48 journalists and blogger views. This is really exposure that we simply would not have had if we had remained private. As we move into 2013, we’ll be doing more to…

Thank you. We’ll now be conducting a question-and-answer session. (Operator instructions) Our first question comes from Raymond Pirrello of Pendulum Capital Markets. Please go ahead. Raymond Pirrello – Pendulum Capital Markets: Thank you, and how are you doing?

Hey, Ray. Raymond Pirrello – Pendulum Capital Markets: Hey on the two new trials are going to be happening, the microwave [sox] and the other. Well, how many participants are there looking to sign up please?

Yeah. I think so, we got links in our press release to those two trials. But my recollection is that it’s about 10 patients for one of the trials and about 24 patients in the other trial. So it’s on the order of 30, 35 patients. Raymond Pirrello – Pendulum Capital Markets: And every patient would be a case for our file.

.: Raymond Pirrello – Pendulum Capital Markets: Okay.

Ray, as we talked about before we really liked the drug delivery opportunity. It obviously gives us an opportunity to participate and what we think is a tremendously meaningful area of medicine. It also gives us an opportunity to get into a hospital and to get started with a neurosurgeon with his neurosurgical pain at that facility. And so again it’s a very positive area for us. Raymond Pirrello – Pendulum Capital Markets: Are these two trials being run in two existing facilities? Is it two new facilities now for us?

Yeah, so one of the trials, the initial studies, our initial trials will be conducted, initial cases will be conducted at UCSF. The other is at the NIH and both of those are existing sites for us right now. Raymond Pirrello – Pendulum Capital Markets: Okay; second question in terms of the goal or the sales force for 2013, what is the goal of new sites for the team for the year?

Yeah, so as I mentioned before, we’re not ready to give guidance yet, either financial guidance or guidance on this sort of question. What I can say is that Rob is doing a terrific job in putting together a professional, a sales organization. He’s been in this field for 15 plus years. He’s got a lot of contacts. He knows what he’s doing. He knows how to build the infrastructure and he’s hiring folks for us. And so that’s something we want to continue to do, it’s important. And it’s something that you’ll see us continue to make progress on. Raymond Pirrello – Pendulum Capital Markets: How many sites are in the target for this system in the U.S. and then also overseas?

I don’t have a number off the top of my head. What I can say is that we’ve got dozens and dozens and dozens of sites that our sales team is meeting with, that I’m interacting with that are dealing neurosurgical procedures the old fashioned way. And as I mentioned in my formal remarks, the level of… Raymond Pirrello – Pendulum Capital Markets: I’ll correct the question. How many sites available, whether they are the old way or the traditional way of doing this being done, manage your 100 sites, is there a 1,000 sites in the world, I mean how many sites are there? What is the upside for us in terms of sites as far as the market?

Yeah, so let me give you a couple of numbers. For us neurosurgeons are really more important in sites. In the region I’d say that is some of our sites, we’ll have one ClearPoint system, but multiple neurosurgeons at the hospital using it. There are over a 3,500 neurosurgeons in the U.S. The second way of measuring it is the number of scanners in the United States that can be upgraded if you will to handle our technology and enable these ClearPoint procedures along with the diagnostic uses. That number – the number of MR scanner suite in hospitals in the United States is over 5,000. Raymond Pirrello – Pendulum Capital Markets: Okay.

Thanks a bunch, Ray. I appreciate you dialing in.

Thank you. (Operator Instructions) The next question is from [John Curley] a Private Investor. Please go ahead.

Hi, Kim, good job.

Hi, John Thank you.

I have a couple of questions. The first question I have is on ClearTrace. I know that’s been pushed back in terms of introducing it. But what is your plan, plan to introduce that?

So we haven’t spoken of that. We haven’t talked about the release of that system. As you mentioned, we really are focused on the buildup in the commercialization of ClearPoint. That said, we continue to work with our partners in connection with ClearTrace. Our main strategic partner with ClearTrace is Siemens. Our main research partner is the University of Utah. I’m pleased to say that The University of Utah has been very active in talking about the value of real-time MRI guided catheter based cardiac EP to treat AFib. There have been additional publications that have come out in recent months on this topic that we’ve been a part of. And the lead researcher there, that the Head of EP, Dr. Nassir Marrouche has been a vocal proponent of ours on the podium.

What will be a significant incremental cost for our product already has system in place for the ClearPoint to taken on the ClearTrace one in each other?

So I’m not sure about on the cost side. I’m not sure that I know or not to answer that question with a lot of specificity. But here is what I can say that is quite important, when we go to a hospital and we tell them about ClearPoint, there is activity required or as they come from the neurosurgeon, and also from the radiology department. Once we’ve gotten the system installed, really we’ve got momentum in that hospital. We’re thinking about the benefits as using IMR to visualize the procedure in real time, to see with detail in the soft tissue. And so it’s my belief that as we continue to rollout ClearPoint and then move into ClearTrace that those hospitals that already adopted ClearPoint will be easier targets.

Okay. Just wanted some more quick questions, how many neurosurgeons are currently using you system and others had to perform at least one procedure?

Let’s me just think about that, We’ve got the 20 sites, and I’m guessing probably 30, 35-ish something like that, and I don’t know the answer for sure. That would be a decent guess.

Okay. And my final question is you had covered all the short delivery clients up already. And then one of the programs, which is quite extensive for delivering and cancer to the brain, I think you mentioned earlier last year that you had 1,100 patients were signing up for this clinical trial. Is that a correct number and if so that’s going to require a lot more sites more and more using your system?

So Jack, what you’re referring to is the Tocagen relationship we have, which we’re quite proud off. We announced that in the summer. I think that your number, I don’t remember that they’re being a number of 1,100 patients. I don’t think Tocagen’s ever talked about a specific number of patients in that trial. So that’s not accurate.

Okay. Do you have any idea and what the number of people are in that trial?

Off the top of my head, I don’t. What I know is that, we’re pleased with the way it’s going. The focus of Tocagen, Harry Gruber, the CEO leads the way it’s going. And so, again we’ve got – it’s one of these areas where we got a lot of momentum and we’re expecting to continue to see good things coming from that in the coming months.

And those people – and then trial more in existing hospital installations or new additions…

No, actually I will give you an example. We announced UCSD as one of the new hospitals and that will be Tocagen side.

All right, thanks. Thanks very much, Kim.

Thank you so much.

Thank you. (Operator Instructions) The next question is from Ted Lou of Valley Financial Group. Please go ahead. Ted Lou – Valley Financial Group: Hi, Kim, I hope you’ll forget me. But I wondered if Dr. Ben Carson from Johns Hopkins has been exposed to your technology?

Essentially, I’m certainly well aware of Dr. Carson and his huge contribution to the field, particularly in pediatric neurosurgery. I don’t know Dr. Carson, and as we’d expect, I guess my hope in the near future to have an opportunity and interact with him. As you may know, he worked out of the Johns Hopkins University and that’s one of our new sites. Ted Lou – Valley Financial Group:

Ted Lou – Valley Financial Group: Thank you very much. Sorry for the suggestion.

Well, thank you for the comment. Ted Lou – Valley Financial Group: I’m a happy shareholder.

Thank you.

Thank you. We have no further questions in the queue at this time. I would like to turn the floor back over to management for any additional remarks.

Again, thank you very much for you time for our first earnings call. We appreciate your interest in the company and hope you have a good evening.

Thank you. Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.