InVivo Therapeutics, a developer of groundbreaking technologies for the treatment of spinal cord injuries (SCI) and neurotrauma, recently released a letter to Shareholders. The Shareholder letter detailed, among other things, Invivo’s excellent progress in recent months, as well as upcoming plans the company aims to capitalize on.
The following is an excerpt from InVivo’s Shareholder letter:
“InVivo has been making excellent progress in the past months and we are firing on all cylinders. I wanted to use this letter as a forum to provide an important update on how we are using InVivo’s resources to create and capture shareholder value. We expect the next six months to mark a major inflection point in our growth. The FDA has not put up any roadblocks or requested additional information that will delay the start of the study for the use of our biopolymer scaffolding to treat spinal cord injuries (SCI). Before the end of 2012, we expect to validate our clean room and then manufacture GMP batches which will be submitted to the FDA as part of the IDE application. We expect FDA approval to start the clinical study in early 2013.”
The Shareholder letter is available in its entirety on the company’s website.
Earlier in October, InVivo was awarded a $2 million loan by MassDevelopment. The funds were given to InVivo through MassDevelopment’s Emerging Technology Fund to aid in the commercialization of InVivo’s groundbreaking technologies for the treatment of spinal cord injuries (SCI) and other neurotrauma conditions.
“We are encouraged by the Commonwealth of Massachusetts’s continued support of InVivo, which began in 2009 with a $500,000 Accelerator Loan from the Massachusetts Life Science Center when InVivo had only five employees,” stated InVivo CEO Frank Reynolds. “Now, as we receive a $2 million loan from MassDevelopment, we exceed 30 employees in our new Kendall Square facility. We’ll continue to recruit the best and brightest minds in biomaterials and neuroscience. The proceeds from this loan will assist us in advancing multiple neurotrauma products into the clinic based on our innovative biopolymer scaffolding and hydrogel technologies.”
Additionally, InVivo recently announced the appointment of Bill D’Agostino as the Senior Director of Manufacturing and Engineering. Mr. D’Agostino joins the company as an executive leader focused on rapid market growth, with over fifteen years at Covidien and, most recently, seven years at Angiotech pharmaceuticals as Vice President of Engineering.
InVivo has stated that it intends to create a new paradigm of care by taking a novel approach to SCI. Instead of focusing exclusively on regeneration, InVivo concentrates on neuroprotection. Its products are intended to protect the spinal cord after primary injury by mitigating the bleeding, inflammation, and further cell death that result from the body’s immune response to SCI.
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