Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) Updates On Financial Performance And Key Achievements

Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV)’s Chairman and CEO Mark Perrin stated 2014 was a great year for company in every aspect. The company is moving strong on well-defined trajectory. Currently, it is in a much better position to accomplish its corporate objectives compared to its position fifteen months ago. Invivo wants to offer the medical world with an effective therapy that can redefine the life of the SCI patient.

The highlights

Invivo hired experienced management team in FY2014. The give corporate officers who were appointed in January 2014 made a significant difference in the performance of the company. They brought significant breadth and depth related to the development and commercialization of products. As a unified strong unit, Invivo is moving forward on the path of success.

Update on study

Last year, the first-ever implantation of Invivo’s Neuro-Spinal Scaffold took place. In the following months a substantial improvement in the first enrollment’s sensory and motor function was recorded as well as complete healing of bowel function and noteworthy improvement in bladder function. The company went for the second implantation in January 2015.

Update on pilot trial timeline

Last December, Invivo successfully expedited the original subject enrollment program by removing compulsory holds between enrollments of the three subjects. The measure helped the company to minimize the clinical timeline. Excluding any major safety issues, simultaneous enrollment of subjects is anticipated to commence by the end of this month.

Cash generation

Last May, InVivo successfully generated almost $16.1 million to support the pilot trial and related operations. Also, the company generated gross proceeds of $12 million through an additional round of financing, guided by Invivo’s largest shareholder. The strong cash balance and a healthy balance sheet is must to achieve the defined objectives. As of now, the company is committed to develop effective treatments for spinal cord injury patients.

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