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InVivo readies $10M round | Funding Roundup

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InVivo Therapeutics logo

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.

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.

InVivo reported $9.4 million in assets, $11.2 million in liabilities and a stockholder’s deficit of $1.9 million at Dec. 31, 2010. By Sept. 30, 2011, the company reported $4.6 million in assets, $5.2 million in liabilities and a stockholder’s deficit of $590,000.

Shares of NVIV stock were down about 6 percent to $1.95 in afternoon trading as of about 2:15 p.m. today.

Funding

Here’s a roundup of other dealflow and investment news:

Svelte Medical raises $18.8 million
Svelte Medical Systems raises $18.8 million of a hoped-for $35 million equity funding round. Read more

BrainScope lands Maryland $250,000 from Maryland Venture Fund
Medical Neurotechnology maker BrainScope Company landed a $250,000 investment through the Maryland Venture Fund. Read more

CSA Medical touts $10 million Series A round
CSA Medical Inc. announced that it landed a $10 million Series A preferred stock financing round. Read more

Cohera tops $25 million in Series C
Absorbable surgical sealants and adhesives maker Cohera Medical topped $25 million in a Series C funding round for private investors. Read more

Correx aims for $4 million equity funding round
Surgical device maker Correx Inc. is closing in on a $4 million funding round, with $3.3 million raised so far. Read more

Penn State lands $16 million gift for neuroscience research

Penn State landed a $16 million gift, among the largest such gifts to medical research in the U.S. in 2011, to advance research in neuroscience.
Read more

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