InVivo readies $10M round | Funding Roundup

December 19, 2011 by MassDevice staff

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.

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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.

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