InVivo Therapeutics Corporation Announces $12 Million Registered Direct Offering

CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV) today announced that it has received commitments from two dedicated health care funds to purchase an aggregate of $12 million of the Company’s common stock in a registered direct offering.

The Company entered into a definitive purchase agreement with these investors pursuant to which the Company agreed to sell an aggregate of 8,000,000 shares of its common stock at a per share price of $1.50. The closing of the offering is expected to take place on or about January 29, 2015, subject to the satisfaction of customary closing conditions.

The estimated net proceeds to the Company from the offering are expected to be approximately $11 million. The Company intends to use the net proceeds from this offering for general corporate purposes.

H.C. Wainwright & Co. acted as exclusive placement agent in connection with the offering.

A shelf registration statement (File No. 333-188573) relating to the shares issued in the offering has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering will be filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC’s website at http://www.sec.gov, from request at H.C. Wainwright & Co. by e-mailing placements@hcwco.com, or from the Company, One Kendall Square, Suite B14402, Cambridge, MA 02139, Attention: Investor Relations.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

About InVivo Therapeutics

InVivo Therapeutics Holdings Corp. is a pioneering 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, ScD, Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, MD, 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. The publicly-traded company is headquartered in Cambridge, MA. For more details, visit www.invivotherapeutics.com.

Forward-Looking Statements

Statements made in this press release that do not describe historical facts or which apply prospectively are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by words such as “believe,” “anticipate,” “intend,” “estimate,” “will,” “may,” “should,” “expect” and similar expressions, and include statements regarding the amount and use of proceeds the Company expects to receive from the offering and the closing of the offering. Any forward-looking statements contained herein are based on current expectation, and are subject to a number of risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from current expectations include whether the Company will be able to complete the offering of common stock and market conditions. Additional risk factors are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended, and other filings InVivo makes with the SEC, including quarterly reports on Form 10-Q and current reports on Form 8-K. InVivo does not undertake to update these forward-looking statements.

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