InVivo Therapeutics (NVIV.OB) Completes $13M Financing

QualityStocks would like to highlight InVivo Therapeutics Holdings Corp. (OTCBB: NVIV), a medical device company, based in Massachusetts, focused on utilizing polymers as a platform technology to develop treatments to improve function in individuals paralyzed as a result of traumatic spinal cord injury.

In the company’s news yesterday,

InVivo Therapeutics Holdings Corp. announced the completion of a private placement of 13 million units of its securities, generating proceeds of $13 million.

Each unit sold consists of one share of common stock of InVivo and one warrant, with each warrant entitling the holder to purchase one share of common stock for a five-year period at an exercise price of $1.40 per share. If warrants issued in the private placement are exercised or called, the company would realize an additional total gross proceed amount of $18.2 million.

The company said the successful private placement reflects positive investor sentiment and support.

“We are very pleased with how our financing was received by investors and see it as vote of confidence in the promise of our groundbreaking technologies,” Frank Reynolds, CEO of InVivo stated in the press release. “InVivo now has a strong balance sheet with which to execute our strategic plan, which includes moving into human clinical testing with our lead product candidate in the first half of next year.”

Adam K. Stern, senior managing director of Spencer Trask Ventures and a newly appointed member of the InVivo board of directors, noted company’s role in the healthcare market and the impact of today’s announced financing.

“InVivo represents a beacon of hope within the SCI community. The company’s groundbreaking technologies, which incorporate multiple strategies involving biomaterials, FDA approved drugs, growth factors, and human neural stem cells, offer the first potential treatment for SCI that addresses the underlying pathology of these injuries, rather than just the symptoms. The successful close of this financing is a critical component of realizing this potential,” Stern stated.

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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.