InVivo Therapeutics Closes Exercise Of Over-Allotment

CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV), today announced the closing of the exercise of the over-allotment option granted to the underwriters in connection with its previously announced public offering. The underwriters purchased an additional 560,000 shares of InVivo’s common stock, bringing the total proceeds of the offering to approximately $32.2 million, before deducting underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants. In connection with the initial closing of the offering on March 18, 2016, InVivo issued 3,733,333 units at a price of $7.50 per unit, each unit consisting of one share of common stock and .50 of a warrant to purchase a share of common stock at an exercise price of $10.00 per share. At the initial closing, the underwriters exercised their over-allotment option to purchase additional warrants to purchase an additional 280,000 shares of common stock. InVivo intends to use the net proceeds from this offering to fund ongoing clinical trials and for general corporate purposes.

Raymond James & Associates, Inc. acted as the sole book-running manager in the offering. Ladenburg Thalmann and Cantor Fitzgerald & Co. acted as co-managers in the offering.

The offering was made pursuant to a shelf registration statement on Form S-3, previously filed with and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, or by telephone, at (800) 248-8863, or e-mail at prospectus@raymondjames.com, or by accessing the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About InVivo Therapeutics

InVivo Therapeutics Holdings Corp. is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The company was founded in 2005 with proprietary technology co-invented by Robert Langer, Sc.D., Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital and who now is affiliated with Massachusetts General Hospital. In 2011, the company earned the David S. Apple Award from the American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine. In 2015, the company’s investigational Neuro-Spinal Scaffold received the 2015 Becker’s Healthcare Spine Device Award. The publicly-traded company is headquartered in Cambridge, MA. For more details, 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 within the meaning of the federal securities laws. These statements can be identified by words such as “believe,” “anticipate,” “intend,” “estimate,” “will,” “may,” “should,” “expect,” “designed to,” “potentially,” and similar expressions, and include statements regarding the company’s future operating or financial performance and the company’s intended use of proceeds from the offering. Any forward-looking statements contained herein are based on current expectation and are subject to a number of risks and uncertainties. Factors that could cause actual future results to differ materially from current expectations include, but are not limited to, whether the company can complete its pivotal probable benefit study, the success of the pivotal probable benefit study, and the company’s ability to execute its business plan. Additional risk factors are included in the company’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2015, and its other filings with the SEC, including the company’s Form 10-Qs and current reports on Form 8-K. The company does not undertake to update these forward-looking statements.