InVivo Therapeutics (NSDQ:NVIV) said today that it cleared $32.2 million from a stock offering after an over-allotment added another 560,000 shares, and said yesterday it enrolled a 7th patient in its Inspire study.
Cambridge, Mass.-based InVivo floated 3.7 million units at $7.50 per unit in the initial offering, which closed March 18, bringing in $28 million. Each unit consists of a share of common stock and half of a 5-year warrant with an exercise price of $10, the company said.
Raymond James & Assoc. acted as the sole book-runner for the offering, with Ladenburg Thalmann and Cantor Fitzgerald & Co. as co-managers. Funding from the round will be used to fund ongoing clinical trials and for general corporate purposes, according to a press release.
The company also announced yesterday that it added a 7th patient to its Inspire study investigating its Neuro Spinal Scaffold. InVivo’s neuro-spinal scaffold is surgically implanted following acute spinal cord injuries to act as a physical substrate for nerve sprouting.
“This enrollment marks another important step toward completing the Inspire study and helping to address this enormous unmet medical need. We thank Dr. Coric and his team for having enrolled the 3rd patient at their site and look forward to approaching full enrollment in the Inspire study by the end of the year,” CEO Mark Perrin said in prepared remarks.