InVivo Therapeutics Holdings Corp. Announces Pricing of Public Offering of Common Stock and Warrants

CAMBRIDGE, Mass.--()--InVivo Therapeutics Holdings Corp. (NVIV), a biomaterials company with innovative technologies for drug delivery with a focus on treatment of spinal cord injuries, today announced the pricing of an underwritten public offering of 12,175,000 shares of common stock and warrants to purchase up to an aggregate of 6,087,500 shares of common stock, at an offering price of $1.15 per share of common stock and $0.00001 per warrant. 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, InVivo has granted the underwriters a 45-day option to purchase up to 1,862,250 additional shares of common stock and/or additional warrants to purchase up to 913,250 additional shares of common stock to cover overallotments, if any. The offering is expected to close on or about May 9, 2014, subject to customary closing conditions.

The gross proceeds of the offering are expected to be approximately $14.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses, excluding the exercise of any warrants. InVivo anticipates using 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.

Aegis Capital Corp. is the sole book-running manager for the offering.

This offering is being made pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (SEC) and was declared effective on January 19, 2012. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC, and a final prospectus supplement and accompanying base prospectus will be available on the SEC’s website, www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About InVivo Therapeutics Holdings Corp.

InVivo Therapeutics Holdings Corp. is a pioneering biomaterials company with unique technologies for drug delivery with a focus on treatment of spinal cord injuries. The Company was founded in 2005 with proprietary technology co‐invented by Robert Langer, ScD., Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who is affiliated with Massachusetts General Hospital. In 2011, the Company earned the David S. Apple Award from The American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine. The publicly traded company is headquartered in Cambridge, MA. For more details, visit, www.invivotherapeutics.com.

Forward-Looking Statements

Statements made in this press release that do not describe historical facts or which apply prospectively are “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 relate to future events or the Company’s future operating or financial performance and include statements regarding InVivo’s offering of securities and intended use of the proceeds from the offering. Any forward-looking statements contained herein are based on current expectation, and are subject to a number of risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from current expectations include whether InVivo will be able to complete the offering of common stock, market conditions, and the Company’s ability to fulfill required closing conditions. Additional risk factors are included in InVivo’s prospectus supplement related to this offering, InVivo’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended, and other filings InVivo makes with the SEC, including quarterly reports on Form 10-Q and current reports on Form 8-K. InVivo does not undertake to update these forward-looking statements.

Contacts

InVivo Therapeutics Holdings Corp.
Brian Luque, 617-863-5535
Investor Relations
bluque@invivotherapeutics.com

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Contacts

InVivo Therapeutics Holdings Corp.
Brian Luque, 617-863-5535
Investor Relations
bluque@invivotherapeutics.com