Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) reported a net loss of $0.21 a diluted share, against the net loss of $0.52 per share, the same quarter a year ago. As on December 2014, it had $13 million in cash and cash equivalents.
Year of growth
Mark Perrin, the Chairman, and CEO of Invivo expressed his views on the financial results of 4Q.He said that the year was great for the company in all aspects. It accomplished several planned trials and also moved forward with the key studies. It is now well positioned to meet corporate goals in FY2015.The objectives are well planned and clear compared to 15 months ago. The product line includes a drug candidate that has the potential to change the life of SCI patent.
The key highlights
Invivo decided to recruit an experienced leadership team in FY2014 and decision worked in favor of the company. It appointed five corporate officers who brought extensive experience and expertise associated with the development, as well as commercialization of products. The main change was the way team worked as a cohesive unit.
Invivo provided details on its pilot trial of Neuro-Spinal Scaffold during announcement of results. In FY2014, for the first time Invivo implanted Neuro-Spinal Scaffold in a subject. There was a considerable improvement witnessed in the motor and sensory functions of enrollment. Also, the company reported improvement in bladder function and revival of bowel function. Invivo completed the second implantation in January 2015.
The other highlights
In December, Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) said that it accelerated the subject enrollment plan by wiping out the obligatory holds between enrollments of last three subjects. The move resulted in reducing the clinical timeline. Invivo expects to open the concurrent enrollment by March 2015. It generated over $16.1 million in order to support the pilot study and related operations. It also completed another round of financing to generate proceeds of $12 million.