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Cambridge-based InVivo Therapeutics Holdings Corp. has priced a public offering of 8.28 million shares of common stock at $2.10 per share, and hopes to bring in gross proceeds of approximately $17.4 million.
The net proceeds to InVivo (OTC/BB: NVIV), which is developing technologies for the treatment of spinal cord injuries, will be approximately $15.7 million after commission and other expenses, according to a Thursday release. The company said it would use the funds for general corporate purposes, which might include research and development, trials and possible acquisitions among other uses.
An additional 1.24 million shares has been set aside for the underwriters to cover any possible overallotment, and Aegis Capital Corp. and Summer Street Research Partners are acting as joint book-running managers. All of the sales of the common stock under the new offering should be closed by Feb. 23, the release noted.
In December, InVivo entered into a six-year lease for a new 21,000 square-foot headquarters at One Kendall Square in Cambridge. The company, which had been based in the Cambridge Innovation Center at 1 Broadway, was founded in 2005 on the basis of technology co-invented by MIT professor Robert Langer, and Dr. Joseph P. Vacanti, who is affiliated with Massachusetts General Hospital.
InVivo named Dr. Edward Wirth to be the Cambridge company’s new chief science officer in October, taking the position in early December. Wirth is an expert in spinal cord injury and regenerative medicine, and was the lead on the world’s first human embryonic stem cell clinical trial as medical director for regenerative medicine at Geron Corp.
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