InVivo Therapeutics announces plans for public offering of units

Raymond James is bookrunning manager; agreement with Cowen terminated

By Wendy Van Sickle

Columbus, Ohio, March 14 – InVivo Therapeutics Holdings Corp. plans to offer units consisting of shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering, according to a Monday press release.

The company also plans a 15% greenshoe option.

The shares of common and warrants will be immediately separable and will be issued separately.

Raymond James & Associates, Inc. is the bookrunning manager.

The offering is subject to market conditions. Proceeds will be used to fund ongoing clinical trials and for general corporate purposes.

Also on Monday, the company terminated its sales agreement with Cowen and Co. LLC dated July 29, 2015, according to an 8-K filing with the Securities and Exchange Commission.

Under the agreement, the company could sell up to $50 million of shares of its common stock from time to time through an at-the-market equity offering, with Cowen acting as sales agent. Through the termination date, the company sold a total of 388,245 shares for proceeds of about $3.4 million via the agreement.

Based in Cambridge, Mass., the company is focused on technologies for spinal cord injuries.

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