Spinal cord injury therapy maker InVivo Therapeutics registers with the SEC for a $10 million funding round.
Spinal injury therapy maker InVivo Therapeutics Holdings Corp. (OTC:NVIV) is preparing a $10 million offering, SEC filings show.
Details haven't yet been made public regarding pricing, but the company expects to use the proceeds for research & development, working capital, capital expenditures and other general corporate purposes.
InVivo, co-founded in 2005 by industry celebrity Robert Langer, took itself public with a reverse merger last year.
The company filed its first investigational device exemption in July 2011 for a biopolymer scaffolding device intended to treat acute spinal cord injuries. InVivo anticipates approval for its IDE in 2012, at which point it can begin human clinical studies.
InVivo is a pre-revenue company, with losses totalling $12.7 million since inception, according to SEC filings.
The company has managed to pare losses and deficits in the last year, although its assets have diminished as well.
InVivo reported $9.4 million in assets, $11.2 million in liabilities and a stockholder's deficit of $1.9 million at Dec. 31, 2010. By Sept. 30, 2011, the company reported $4.6 million in assets, $5.2 million in liabilities and a stockholder's deficit of $590,000.
Shares of NVIV stock were down about 6 percent to $1.95 in afternoon trading as of about 2:15 p.m. today.
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