The Cambridge, Mass.-based spinal cord injury treatment developer sold its entire offering amount of $3,022,576. It included a private placement of warrants to purchase more than 1.7 million shares of common stock at $1.62 per share and warrants to purchase 111,491 shares of common stock at $2.1875 per share, according to the filing.
InVivo made its first sale for the new notice on April 17, having no intention of the offering lasting more than one year. The company noted that it is paying $255,152 in sales commission related to the offering, but did not reveal its intended use of proceeds.
Last month, the company priced a public offering of common stock shares and warrants totaling approximately $7 million. The offering includes more than 2.5 million shares of common stock or pre-funded warrants to purchase common stock, along with standard warrants to purchase up to more than 2.5 million shares of common stock at a combined effective price to the public of $2.75 per share.
In February, InVivo’s shares took a hit after it exercised a 1-for-30 reverse stock split, which was done in order to increase the per-share trading price of InVivo Therapeutics’ common stock so that it can fill the $1.00 minimum bid price required to maintain its listing on the Nasdaq market.
InVivo shares are currently down -5.5% at $1.43 per share in mid-afternoon trading today.