InVivo Secures $13M In Advance of Clinical Program for Spinal Cord Injury Product
Company is awaiting FDA clearance of IDE for polymer scaffold.!--h2>
In Vivo raised a total of $13 million in a private placement that reached its maximum overallotment capacity. The offering comprised 13 million units, with each unit consisting of one share of InVivo common stock and one warrant entitling the purchaser to buy one share of common stock over the next five years at an exercise price of $1.40 per share. InVivo notes that placement of the initial 10.5 million units was completed in October.
InVivo is focused on the development of spinal cord injury repair products. The firm is leveraging its expertise to develop both polymer-based products and polymer scaffolds combined with human neural stem cells to promote tissue repair and regeneration.
In November InVivo established its first manufacturing and development facility in Medford, MA. The facility will be used to scale up the manufacturing process for InVivo's lead biocompatible polymer scaffolding device used to treat acute open-wound spinal cord injury.
The firm has previously confirmed that it expects to start a human trial with the candidate once FDA clearance of the investigational device exemption application has been granted.