InVivo closes $15m round

InVivo Therapeutics (NSDQ:NVIV) said today it closed a new public offering, bringing in approximately $15.2 million.

In the round, the Cambridge, Mass.-based company floated 388,000 shares and another 388,000 warrants at a combined price of $2 per unit, plus 6.2 million pre-funded warrants and 6.2 million standard warrants at $1.99 apiece.

The round also included an exercised underwriter’s option for an additional 989,977 shares of common stock and warrants to purchase 989,977 shares.

The warrants have an exercise price of $2 per share and expire five years from the date of issue; the pre-funded warrants have an exercise price of 1¢ each and expire 20 years from the date of issue, according to a press release.

InVivo said it raised approximately $13.6 million in net proceeds after adjusting for underwriting discounts and commissions, but has not stated how it plans to spend funds raised.

In May, the company saw its share prices rise as much as 75% 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.

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