InVivo Therapeutics (OTC:NVIV) said last week it signed a sales agreement with Cowen and Company to sell up to $50,000,000 worth of shares in the company.
Under the agreement, Cowen and Company will receive 3% of gross proceeds from sales of the stock, Cambridge, Mass.-based InVivo said. InVivo will control the amount of shares sold.
The agreement can be terminated by either side, according to the spinal-focused medical device company.
In July, Invivo saw shares jump 10% after the company released promising data on the 2nd and 3rd patients implanted with its investigational neuro-spinal scaffold.
A 1-month checkup of the 3rd patient implanted with the scaffold reported an improvement from an A class injury on the American Spinal Injury Association Impairment Scale, indicating complete loss of sensory and motor function, to a B class on the AIS, indicating some restored sensory functions.
InVivo shares responded to the news by rising over 10%.
