Here are five key notes on the IPO:
1. InVivo intends to offer underwriters the option to purchase an additional 15 percent of the securities sold in the offering. InVivo is offering all securities in the offering, which is subject to market conditions.
2. The company plans to use the net proceeds from this offering to fund the ongoing clinical trials and for general corporate purposes. The company has patients enrolled in the INSITE study examining the Neuro-Spinal Scaffold for spinal cord injury patients. The FDA accepted the company’s Humanitarian Device Exemption modular shell and review process in March; InVivo hopes to submit the first module at the end of the year.
3. The public offering includes 3.7 million units at a price of $7.50 per unit. Each unit includes one share of common stock and 0.5 of a warrant to purchase a share of common stock at an exercise price of $10 per share. The warrants are immediately exercisable and expire on the fifth anniversary of the issuance.
4. InVivo expects to close the IPO on or around March 18. The gross proceeds are expected to reach around $28 million, before deducting the underwriting discounts and commissions as well as other estimated offering expenses.
5. Raymond James & Associates will act as the sole book-running manager in the offering.
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