The Cambridge, Mass.-based company is offering 7 million shares of its common stock to the public at a price of 12¢ per share. InVivo expects the gross proceeds to reach $840,000, before it deducts fees and estimated offering expenses.
InVivo plans for the offering to close today, subject to customary closing conditions. H.C. Wainwright & Co. is acting as an exclusive placement agent in connection with the offering.
The company develops biomaterials and biotechnologies with a focus on treating spinal cord injuries. In May, InVivo launched a new trial of its neuro-spinal scaffold, dubbed the Inspire 2.0 study, and that it has enrolled the first two patients into the study.
InVivo won FDA approval to launch the new pivotal study of the device last March, after ending the previous Inspire study of the device in January. Its neuro-spinal scaffold is a novel, biodegradable device designed to be surgically implanted following acute spinal cord injuries to act as a physical substrate for nerve sprouting.
Shares of NVIV were down -11.6% at 15¢ per share in mid-morning trading today.