InVivo Therapeutics (NSDQ:NVIV) today priced a public stock offering worth more than $13 million for the neurospinal scaffold it’s developing to treat spinal cord injuries.
Cambridge, Mass.-based InVivo said it plans to float some 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.
Gross proceeds from the offering are expected to reach $13.2 million, the company said in a regulatory filing. Ladenburg Thalmann & Co. is the sole book-runner for the offering.
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 the filing.
The offering is slated to close June 25, InVivo said.
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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