Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) said that a second subject has been registered in the pilot research of its Neuro-Spinal Scaffold which is used for the treatment of traumatic spinal cord injury. The study will be conducted at the Carolinas Medical Center in Charlotte, NC.
It will evaluate the practicality and safety of the Neuro-Spinal Scaffold. Also, it will provide with the preliminary evidence of its effectiveness on patients. With a successful study under its belt the company can move forward on development.
Dr. William Bockenek, CMO of Carolinas Rehabilitation and Dr. DomagojCoric who looks after the Neurosurgery department at Carolinas Medical Center will be Co-Principal Investigators in the study. This is the InVivo’s first clinical trial of its Neuro-Spinal Scaffold. The Investigational Device Exemption pilot study was approved by the FDA. It is designed to catch preliminary safety and effectiveness data.
Following the pilot study, InVivo intends to conduct a pivotal trial to obtain FDA approval to begin commercialization process under a Humanitarian Device Exemption.
Dr. John Ziewacz and his partner Dr. Coric completed the second case of Neuro-Spinal Scaffold implant into an acute SCI patient. If the company can attain approval this will be a major entry and potential revenue boost.
Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) had left a big gap in May 2014, while falling from the March top around $2.60. Generally gaps like that act as a big resistance in any attempt to reverse the downtrend and exactly that was visible in November, on the first attempt to rally. The upper boundary of that gap around $1.60 thwarted all bullish attempts till the first successful break in this very week. The technical picture is suggesting strength now and new highs can be expected as long as the price stays above $1.60.
Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) gained 2.91% and closed at $1.77 on a volume of 1.28 million shares on Friday.