CAMBRIDGE, Mass.–(BUSINESS WIRE)–InVivo Therapeutics Holdings Corp. (Nasdaq: NVIV), a analysis and clinical-stage biomaterials and biotechnology firm with a concentrate on the therapy of spinal cord accidents, at present introduced that it has entered right into a definitive settlement with a single healthcare-focused institutional investor for the sale and issuance of 523,810 shares of the Firm’s frequent inventory (or pre-funded warrants in lieu thereof), in a registered direct providing priced at-the-market beneath Nasdaq guidelines. Concurrently with the registered direct providing, the Firm entered right into a definitive settlement with the investor within the registered direct providing for the sale and issuance of 1,190,476 shares of frequent inventory (or pre-funded warrants in lieu thereof) in a non-public placement priced at-the-market beneath Nasdaq guidelines. As well as, the Firm has agreed to problem to the investor within the choices unregistered most popular funding choices to buy as much as an combination of 1,714,286 shares of the Firm’s frequent inventory. The popular funding choices have an train worth of $5.05 per share, might be instantly exercisable upon issuance, and can expire 5 and one-half (5.5) years from the date of issuance. The mixed buy worth for one share of frequent inventory (or pre-funded warrant in lieu thereof) and the related most popular funding possibility is $5.25.
H.C. Wainwright & Co. is appearing because the unique placement agent for the choices.
The gross proceeds to the corporate from the choices are anticipated to be roughly $9.0 million, earlier than deducting placement agent charges and different providing bills payable by the corporate. The corporate intends to make use of the web proceeds from the choices primarily for working capital and normal company functions, which can embody actions in furtherance of potential commercialization of its investigational Neuro-Spinal Scaffold machine, resembling regulatory submissions and manufacturing issues, in addition to for enterprise growth functions. The closing of the choices is anticipated to happen on or about October 11, 2022, topic to the satisfaction of customary closing circumstances.
The shares of frequent inventory, pre-funded warrants and shares of frequent inventory underlying the pre-funded warrants supplied by the Firm within the registered direct providing (however excluding the securities to be issued within the non-public placement and the popular funding choices and the shares of frequent inventory underlying the popular funding choices) are being supplied pursuant to a “shelf” registration assertion on Kind S-3 (File No. 333-234353) initially filed with the Securities and Change Fee (the “SEC”) on October 28, 2019, and declared efficient by the SEC on November 14, 2019. The providing of the frequent inventory and pre-funded warrants within the registered direct providing is made solely via a prospectus, together with a prospectus complement, forming part of the efficient registration assertion. A last prospectus complement and accompanying prospectus regarding the securities being supplied might be filed with the SEC. Digital copies of the ultimate prospectus complement and accompanying prospectus could also be obtained, when obtainable, on the SEC’s web site at http://www.sec.gov. and can also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, third Flooring, New York, New York 10022, by cellphone at (212) 856-5711 or e-mail at firstname.lastname@example.org.
The securities supplied pursuant to the non-public placement, in addition to the popular funding choices supplied to the investor within the registered directed providing and the shares of frequent inventory issuable thereunder, are being supplied in a transaction not involving a public providing and haven’t been registered beneath the Securities Act of 1933, as amended (the “Securities Act”), or relevant state securities legal guidelines. Accordingly, these securities will not be reoffered or resold in the US besides pursuant to an efficient registration assertion or an relevant exemption from the registration necessities of the Securities Act and such relevant state securities legal guidelines.
Below a registration rights settlement with the investor, the Firm has agreed to file a registration assertion with the SEC overlaying the resale of the securities to be issued within the non-public placement and the shares of frequent inventory underlying the popular funding choices to be issued in each choices.
The corporate additionally has agreed that sure current warrants to buy as much as an combination of 80,139 shares of frequent inventory of the corporate that have been beforehand issued to the investor, with an train worth per share starting from $20.00 to $68.75 and expiration dates starting from March 10, 2025 to October 26, 2025, might be amended efficient upon the closing of the choices in order that the amended warrants could have a decreased train worth of $5.05 per share and can expire 5 and one-half years following the closing of the choices.
This press launch shall not represent a suggestion to promote or a solicitation of a suggestion to purchase these securities, nor shall there be any sale of those securities in any state or different jurisdiction by which such provide, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of any such state or different jurisdiction.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a analysis and clinical-stage biomaterials and biotechnology firm with a concentrate on therapy of spinal cord accidents. The corporate was based in 2005 with proprietary know-how co-invented by Robert Langer, Sc.D., Professor at Massachusetts Institute of Expertise, and Joseph P. Vacanti, M.D., who then was at Boston Youngsters’s Hospital and who now could be affiliated with Massachusetts Basic Hospital. The publicly traded firm is headquartered in Cambridge, MA. For extra particulars, go to www.invivotherapeutics.com.
Protected Harbor Assertion
Any statements contained on this press launch that don’t describe historic details might represent forward-looking statements throughout the which means of the federal securities legal guidelines. These statements may be recognized by phrases resembling “imagine,” “anticipate,” “intend,” “estimate,” “will,” “might,” “ought to,” “count on” and comparable expressions, and embody statements concerning the satisfaction of the customary circumstances to the closing of the registered direct providing and the non-public placement, the consummation of the choices and the meant use of proceeds therefrom, the corporate’s expectation concerning the timing for the announcement of topline information and skill to serve the spinal cord injury affected person inhabitants. Any forward-looking statements contained herein are primarily based on present expectations and are topic to plenty of dangers and uncertainties. Elements that might trigger precise future outcomes to vary materially from present expectations embody, however aren’t restricted to, dangers and uncertainties regarding: market and different circumstances, the corporate’s capability to acquire further funding to help the continuing scientific and potential commercialization program for the investigational Neuro-Spinal Scaffold™, the various interpretation of scientific information, the timing, price and expense of regulatory filings, the potential for regulatory authorities granting or delaying approval for our Neuro-Spinal Scaffold, and different dangers related to the corporate’s enterprise, analysis, product growth, regulatory approval, advertising and marketing and distribution plans and methods recognized and described in additional element within the firm’s Quarterly Report on Kind 10-Q for the quarter ended June 30, 2022, and in different filings that the corporate might make with the Securities and Change Fee sooner or later. The corporate doesn’t undertake to replace these forward-looking statements, besides as required by regulation.