Attached files
file | filename |
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8-K - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_8k.htm |
EX-4.2 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex4-2.htm |
EX-4.3 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex4-3.htm |
EX-10.7 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex10-7.htm |
EX-10.6 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex10-6.htm |
EX-10.1 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex10-1.htm |
EX-10.3 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex10-3.htm |
EX-10.5 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex10-5.htm |
EX-10.4 - INVIVO THERAPEUTICS HOLDINGS CORP. | v204914_ex10-4.htm |
Exhibit
99.1
InVivo
Therapeutics Closes Oversubscribed Private Placement, Raising $13
Million
CAMBRIDGE,
Mass. --(BUSINESS WIRE)-- InVivo Therapeutics (OTCBB: NVIV.OB), a company
focused on the development of groundbreaking technologies for the treatment of
spinal cord injuries (SCI), today announced that it has successfully closed a
private placement offering of 13 million units of its securities for total gross
proceeds of $13 million. The company had announced on October 27, 2010 that it
completed a placement of 10.5 million units of such securities. The additional
2.5 million units sold subsequently enabled the company to reach the maximum
overallotment for the offering. Spencer Trask Ventures, Inc. served as Placement
Agent for the financing and financial advisor to the Company.
Each unit
sold in the private placement 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.
Warrants issued to investors in the private placement, if exercised or called,
would yield additional total gross proceeds of $18.2 million.
“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,” said Frank
Reynolds, CEO of InVivo Therapeutics. “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, said: “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.”
Warrants
issued in the private placement are callable by InVivo if the common stock
trades for a price equal to or greater than $2.80 per share for twenty
consecutive trading days following the effectiveness of a registration
statement. Including the shares sold in the private placement, InVivo has total
shares outstanding of approximately 51.6 million. Net proceeds received from the
sale of units are expected to be used for research and development, repayment of
certain debt, fixed asset additions and working capital and general corporate
purposes.
The
securities sold in the private placement have not been registered under the
Securities Act of 1933 and may not be resold absent registration under or
exemption from such Act. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities. This press release
is being issued pursuant to and in accordance with Rule 135c under the
Securities Act of 1933.
About
InVivo Therapeutics
InVivo
Therapeutics Holdings Corp. is a Cambridge, MA medical device company 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.
The company was founded in 2005 on the basis of proprietary technology
co-invented by Robert Langer, ScD, Professor at Massachusetts Institute of
Technology, and Joseph P. Vacanti, MD, who is affiliated with Massachusetts
General Hospital in Boston. For more information on InVivo Therapeutics, please
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 as that term is defined in the Private
Securities Litigation Reform Act of 1995. Any forward-looking statements
contained herein are based on current expectations, but are subject to a number
of risks and uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not limited to,
risks and uncertainties relating to the Company's ability to sell additional
shares of common stock and warrants to purchase common stock at additional
closings, the Company's ability to develop, market and sell products based on
its technology; the expected benefits and efficacy of the Company’s products and
technology in connection with spinal cord injuries; the availability of
substantial additional funding for the Company to continue its operations and to
conduct research and development, clinical studies and future product
commercialization; and, the Company's business, research, product development,
regulatory approval, marketing and distribution plans and strategies. These and
other factors are identified and described in more detail in our filings with
the SEC, including, our current reports on Form 8-K. We do not undertake to
update these forward-looking statements made by us.
Contact:
Argot
Partners
David
Pitts, 212-600-1902
david@argotpartners.com