Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) posted a net loss of $0.21 per diluted share, compared to the net loss of $0.52 per diluted share, in FY2014. As on December 2014, the company had $13million of cash and cash equivalents.
A strong year
Mark Perrin, the CEO and Chairman of Invivo, stated that FY2014 was a great year for InVivo in all aspects. The company reported significant accomplishments and the management team is excited to see the path the company is following. It is in a comfortable place to implement corporate goals compared to how it was placed 15 months ago. Perrin added that Invivo drug candidate has the potential to redefine the life of SCI patient.
Invivo recruited experienced leadership team. The five corporate officers appointed in FY2014 bring extensive experience and expertise related to the development and commercialization of products. The company is working as a cohesive unit and is on a path of success. Invivo updated on the pilot trial of Neuro-Spinal Scaffold. In FY2014, the company for the first time implanted Neuro-Spinal Scaffold. There was an appreciable improvement witnessed in the enrollment’s motor and sensory function. Also, improvement in bladder function and recovery of bowel function was reported. The second implantation was completed in January 2015.
The other highlights
In December, Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) reported that it was able to accelerate the original subject enrollment plan by removing compulsory holds between enrollments of the last three subjects. It helped the company to reduce the clinical timeline. The concurrent enrollment is expected to open by March 2015. Invivo raised funds for its operations in FY2014. It raised almost $16.1 million to support the ongoing pilot study and operations. It recently completed an additional round of financing and generated gross proceeds of $12 million.