InVivo Therapeutics (NSDQ:NVIV) shares plunged today after the company priced a $28 million offering it plans to use to fund the Inspire clinical trial of its neuro-spinal scaffold.

Each unit of the $7.50-per-share offering consists of a share of common stock and half of a 5-year warrant with an exercise price of $10, Cambridge, Mass.-based InVivo said. The offering also includes an underwriters over-allotment of 560,000 shares and 280,000 warrants that’s worth another $4.2 million if fully exercised.

NVIV shares were down -18.1% to $7.09 apiece today in mid-day trading. Raymond James & Assoc. is the book-runner for the offering, with Ladenburg Thalmann and Cantor Fitzgerald & Co. as co-managers, InVivo said.

Last week, InVivo saw shares jump as much as 25% after announcing positive 6-month results for the 5th patient in the Inspire study. The device is designed to treat traumatic spinal cord injuries by acting as a physical substrate for nerve sprouting.

InVivo said in a separate regulatory filing that it’s spiking the $50 million sales deal with Cowen & Co. it inked last summer, having sold 388,245 shares for net proceeds of about $3.4 million.