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InVivo down 27% on issuance of 2M shares of stock to warrant holders

Published 08/10/2017, 10:17 AM
© Reuters.  InVivo down 27% on issuance of 2M shares of stock to warrant holders
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  • InVivo Therapeutics (NVIV -27.1%) slumps on almost double normal volume in response to its announcement that it issued 2,021,419 new shares of common stock for the majority of existing 2014 Warrants as specified in the anti-dilution clause.
  • Putting a positive spin on the significant haircut to shareholders, CEO Mark Perrin says, “We believe that these exchange agreements benefit our shareholders and the company by creating a substantially cleaner balance sheet for the company and removing a significant financial overhang. This puts us in a much stronger financial position as we work toward reopening enrollment in The INSPIRE Study and delivering on our mission for spinal cord injury patients.”
  • Now read: Biotech Forum Daily Digest: Dynavax Scores Huge Ad Comm Recommendation


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