Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) is a development-stage company focused on spinal injuries treatment. The company was founded in 2005. It was formerly known as Design Source, Inc. The company received the David S. Apple Award in 2011 for its contributions in the treatment of spinal injury, according to Microcapdialy.
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Study enrolment update
The company last month announced the enrolment of the first subject in the trial of its Neuro-Spinal Scaffold, which is designed to address what can be termed as complete traumatic spinal cord injury. The pilot study aims to evaluate the safety and effectiveness of the treatment. In an update, the company said that the implantation was successful in the first enrollment subject and that the patient was doing well.
Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) highlighted efforts to realign its resources to mostly focus on scaffold program. That means elimination of the hydrogel drug delivery operations. As part of the restructuring, the company cut jobs and announced cost-savings. It reduced the number of its employees by 25% and predicted annual cost-savings of $3 million, following the realignment.
The company recently revealed that it was seeking to meet with FDA early next year. The agenda of the meeting with the regulator will center on the scaffold and stem cells development programs. Invivo is already in talks with some neural stem cell providers for possible partnership deals.
Invivo’s latest financial statement did not reveal a company in very bad financial state, according to Hotstocked. The company disclosed $17.63 million in the treasury and $18.34 million in current assets. Its total assets were valued at $20.28 million in the last financial report with total liabilities being indicated as $6.73 million. Additionally, the company disclosed $0 revenue and $1.21 million in net revenue.
The latest financial statement revealed that Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) has a bearable net loss and the company also has enough funds to bankroll its operations.
There have been no reports about ongoing stock promotion campaigns in Invivo.
Shares of Invivo have traded off more than 30% since the beginning of this year, but investors are hoping that the stock will attain new highs in due course.
Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) had a nice bounce in yesterday’s trading session on above average volumes of 896,047 shares exchanging hands. One positive thing was the stock closing near its day high. Hence, traders can expect the momentum in the stock to continue in today’s trading session as well.