InVivo Therapeutics Announces $3.0 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
April 15 2020 - 7:30PM
Business Wire
InVivo Therapeutics Holdings Corp. (NVIV) today announced
that it has entered into definitive agreements with several
institutional investors for the purchase and sale of 1,715,240
shares of its common stock at a purchase price of $1.75 per share
in a registered direct offering priced at-the-market under Nasdaq
rules. The Company also agreed to issue to the investors
unregistered warrants to purchase up to 1,715,240 shares of common
stock. The warrants have an exercise price of $1.62 per share, are
exercisable immediately, and will expire five and one-half years
following the date of issuance. The closing of the offering is
expected to occur on or about April 17, 2020, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to the Company from the registered direct
offering are expected to be $3.0 million, before deducting the
placement agent’s fees and other offering expenses payable by
InVivo Therapeutics. The Company intends to use the net proceeds
from this offering for working capital, business development
activities, and general corporate purposes.
The shares of common stock (but not the warrants issued in the
private placement or the shares of common stock issuable upon
exercise of the warrants) are being offered by the Company pursuant
to a “shelf” registration statement on Form S-3 (File No.
333-234353) previously filed with the Securities and Exchange
Commission, or the SEC, and declared effective by the SEC on
November 14, 2019. The offering of the shares of common stock will
be made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the shares of common stock being offered will be filed with the
SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC’s website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY
10022, or by telephone at (646) 975-6996, or email at
placements@hcwco.com.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended, or
the Act, and Regulation D promulgated thereunder, and the warrants
and the shares of common stock issuable upon exercise of the
warrants have not been registered under the Act or applicable state
securities laws. Accordingly, the warrants and shares of common
stock issuable upon exercise of the warrants may not be offered or
sold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Act and such applicable state
securities laws.
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.
Safe Harbor Statement
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
within the meaning of the federal securities laws. These statements
can be identified by words such as “believe,” “anticipate,”
“intend,” “estimate,” “will,” “may,” “should,” “expect” and similar
expressions, and include statements about the anticipated
completion of the registered direct offering. Any forward-looking
statements contained herein are based on current expectations and
are subject to a number of risks and uncertainties. Factors that
could cause actual future results to differ materially from current
expectations include, but are not limited to, satisfaction of the
closing conditions related to the proposed offering, risks and
uncertainties relating to the Company’s ability to successfully
open additional clinical sites for enrollment and to enroll
additional patients; the timing of the Institutional Review Board
process; the Company’s ability to obtain FDA approval to
commercialize its products; the Company’s ability to develop,
market and sell products based on its technology; the expected
benefits and efficacy of the Company’s products and technology in
connection with spinal cord injuries; the availability of
substantial additional funding for the Company to continue its
operations and to conduct research and development, clinical
studies and future product commercialization; and general economic
and market conditions and other factors discussed in the “Risk
Factors” section of the prospectus, including a prospectus
supplement, that forms a part of the Company’s registration
statement on Form S-3 relating to the offering of the shares of
common stock and the Company’s Annual Report on Form 10-K for the
year ended December 31, 2019, and its other filings with the SEC,
including the Company’s Form 10-Qs and current reports on Form 8-K.
The Company does not undertake to update these forward-looking
statements.
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IR CONTACT: Bret Shapiro, Managing Partner CORE IR Phone:
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