InVivo Therapeutics Closes Public Offering Of Shares, Warrants - Quick Facts

(RTTNews) - InVivo Therapeutics Holdings Corp. (NVIV), a biomaterials company with innovative technologies for drug delivery with a focus on treatment of spinal cord injuries, announced the closing of an underwritten public offering of 12.2 million shares of common stock and warrants to purchase up to an aggregate of 6.1 million shares of common stock, at a price of $1.15 per share of common stock and $0.00001 per warrant.

The company said the warrants have a per share exercise price of $1.4375, 125% of the public offering price of the common stock, are exercisable immediately, and expire five years from the date of issuance. In addition, the underwriter exercised its entire over-allotment option to purchase an additional 1.8 million shares of common stock and warrants to purchase an additional 913,125 shares of common stock.

InVivo received gross proceeds from the offering of about $16.1 million. InVivo plans to use the net proceeds from this offering for general corporate purposes, including for research, development and pre-clinical studies for its product candidates, completion of its scaffold pilot clinical study, and working capital.