CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV), today announced the pricing of an underwritten public offering of 3,733,333 units at a public offering price of $7.50 per unit. Each unit consists of one share of common stock and .50 of a warrant to purchase a share of common stock at an exercise price of $10.00 per share. The warrants are immediately exercisable and expire on the fifth anniversary of the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately.
The offering is expected to close on or about March 18, 2016, subject to customary closing conditions. InVivo has granted the underwriters a 30-day option to purchase up to 560,000 additional shares of common stock and/or additional warrants to purchase up to 280,000 shares of common stock to cover over-allotments, if any.
Raymond James & Associates, Inc., is acting as the sole book-running manager in the offering. Ladenburg Thalmann and Cantor Fitzgerald & Co. are acting as co-managers in the offering.
The gross proceeds of the offering are expected to be approximately $28 million, before deducting underwriting discounts and commissions and other estimated offering expenses, excluding the exercise of any warrants. If the over-allotment option is exercised in full, gross proceeds of the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $32.2 million. InVivo intends to use the net proceeds from this offering to fund ongoing clinical trials and for general corporate purposes.
The securities described above are being offered by the company pursuant to a shelf registration statement on Form S-3, previously filed with and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement related to the offering has been filed with the SEC. A final prospectus supplement related to the offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Electronic copies of the preliminary prospectus supplement may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, or by telephone, at (800) 248-8863, or e-mail at email@example.com, or by accessing the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such 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. 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. In 2015, the company’s investigational Neuro-Spinal Scaffold received the 2015 Becker’s Healthcare Spine Device Award. The publicly-traded company is headquartered in Cambridge, MA. For more details, visit www.invivotherapeutics.com.
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," “designed to,” “potentially,” and similar expressions, and include statements regarding the proposed public offering and the intended use of proceeds from the 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, whether the Company 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 the company’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2015, 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.