InVivo Therapeutics Announces Pricing of $15.0 Million Public Offering
October 22 2020 - 9:15AM
Business Wire
InVivo Therapeutics Holdings Corp. (NVIV) today announced
the pricing of a 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 $ 0.80 per share (or pre-funded warrant) and associated warrant.
The gross proceeds from this offering are expected to be
approximately $15.0 million, before deducting the placement agent
fees and offering expenses payable by InVivo Therapeutics.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
Each warrant has an exercise price of $0.80 per share, is
exercisable immediately and expires five years from the date of
issuance. The exercise price of the warrants and the pre-funded
warrants is fixed and they do not contain any variable pricing
features or any price based anti-dilutive features. The offering is
expected to close on or about October 26, 2020, subject to
satisfaction of customary closing conditions.
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 will be made only by means of
a prospectus, which is part of the effective registration
statement. When available, 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.
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 public 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 public offering, risks and
uncertainties relating to the Company’s ability to successfully
open additional clinical sites for enrollment and to enroll
additional patients; the impact of the COVID-19 pandemic on the
Company’s operations, including its clinical trials; 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 that forms a part of the
Company’s Registration Statement on Form S-1 relating to the
offering, which has been filed with the SEC, 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:
(516) 222-2560 brets@coreir.com
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