InVivo Prices USD 11 Million Offering

InVivo Therapeutics has registered for a new offering of shares and warrants that could bring in approximately USD 11 million, according to an SEC filing. In the offering, the company will look to float approximately 1.5 million shares and 1.5 million Series A warrants at USD 7.40 per share. InVIvo Therapeutics has not yet announced the exercise price of the warrants, which will be exercisable upon issuance and will expire 20 years from the date they were issued, according to the SEC filing.

The company will also offer pre-funded warrants to purchase excess shares in lieu of common shares for purchasers who would own more than 4.99 percent of the company after purchasing the combined shares and warrants. The offering also comes with a 45-day underwriter’s option to purchase an additional 222,973 shares, which could bring in an extra USD 1.7 million for InVivo, according to the SEC filing. In May, InVivo Therapeutics saw shares rise as much as 75 percent after it released complete six-month results from the company’s Inspire study of its neuro-spinal scaffold, which it ended in January after halting enrollment last July. – Medical Buyer Bureau