InVivo Therapeutics Announces Closing of $15.0 Million Public Offering
InVivo Therapeutics Holdings Corp. (Nasdaq: NVIV) has successfully closed a public offering of 18,750,000 shares of common stock and associated warrants, generating gross proceeds of $15 million at an effective price of $0.80 per share. H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The offering was conducted under a registration statement filed with the SEC, declared effective on October 22, 2020. This strategic move aims to support the company's ongoing efforts in spinal cord injury treatment.
- Successfully raised $15 million in gross proceeds from the offering.
- Provided funds to support ongoing research and development in spinal cord injury treatment.
- Shares offered at a low price of $0.80, potentially indicating reduced market confidence.
- Dilution risk for existing shareholders due to the issuance of new shares.
CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (Nasdaq: NVIV) today announced the closing of its previously announced public offering of 18,750,000 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof), together with warrants to purchase up to 18,750,000 shares of common stock at a combined effective price to the public of
H.C. Wainwright & Co. acted as exclusive placement agent for the offering.
A registration statement on Form S-1 (File No. 333-249353) relating to these securities has been filed with the Securities and Exchange Commission, or the SEC, and was declared effective by the SEC on October 22, 2020. The offering was made only by means of a prospectus, which is part of the effective registration statement. Electronic copies of the final prospectus may be obtained for free on the SEC’s website located at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or by email to placements@hcwco.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The company was founded in 2005 with proprietary technology co-invented by Robert Langer, Sc.D., Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital and who now is affiliated with Massachusetts General Hospital. The publicly traded company is headquartered in Cambridge, MA.
