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Home » InVivo Therapeutics announces $9M offering

InVivo Therapeutics announces $9M offering

October 7, 2022 By Sean Whooley

InVivo Therapeutics LogoInVivo Therapeutics (Nasdaq:NVIV) announced today that it entered into a definitive agreement to offer $9 million in common stock.

Cambridge, Massachusetts-based InVivo entered the agreement with a single healthcare-focused institutional investor. The registered direct offering covers the sale and issuance of 523,810 shares of the Company’s common stock (or pre-funded warrants in lieu thereof).

In line with the offering, InVivo agreed with the investor on the sale and issuance of nearly 1.2 million shares in a private placement. The company also agreed to issue unregistered preferred investment options worth more than 1.7 million common stock shares.

The preferred investment options have an exercise price of $5.05 per share. InVivo made the immediately exercisable upon issuance with expiration 5.5 years following the date of issuance. The combined purchase price for one share of common stock and the preferred option totals $5.25.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.

Intended use of proceeds

InVivo expects the gross proceeds to total approximately $9 million before deductions. It plans to use the proceeds for working capital and general corporate purposes. That may include activities furthering the potential commercialization of its investigational Neuro-Spinal Scaffold device.

Neuro-Spinal Scaffold encourages functional cells to fill a cavity that will typically develop at the site of a spinal cord injury if left untreated. The scaffold is implanted at the site of the damage within one week of spinal cord injury. It supports neural regeneration and cell growth. This potentially causes a structural change within the spinal cord. It may improve sensory and motor function and lead to a better quality of life for the patient.

The company completed enrollment for a study of the device in June. Its plans include regulatory submissions and manufacturing matters along with business development.

InVivo expects the offering to close on Oct. 11, 2022.

Filed Under: Business/Financial News, Funding Roundup, Implants, Neurological, Spine Tagged With: InVivo Therapeutics

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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