InVivo Therapeutics Reports 2012 Financial Results, Provides Business Update

CAMBRIDGE, Mass.--(BUSINESS WIRE)--

InVivo Therapeutics Holdings Corp. (OTC/BB: NVIV), a developer of groundbreaking technologies for the treatment of spinal cord injuries (SCI) and other neurotrauma conditions, today reported financial results for the year ended December 31, 2012 and provided a business update.

InVivo has pioneered a new treatment platform utilizing a variety of biocompatible polymer-based devices to provide structural support to a damaged spinal cord in order to spare tissue from scarring while improving functional recovery and prognosis after a traumatic SCI. Today there is no effective treatment for the spinal cord for paralysis caused by SCIs, and the market potential is estimated to be over $10 billion.

"The year 2012 has quickly become our most productive. We grew our research and development teams to support a pipeline that now exceeds seven new treatment options for neurotrauma, and weve established a GMP manufacturing facility capable of manufacturing our scaffold and hydrogels for human use, said Frank Reynolds, InVivo Chief Executive Officer. Were ready to start a first-in-man clinical trial of our biopolymer scaffolding in acute SCI patients, and we expect as many as five products to be either on the market or in clinical studies by the end of 2014. We have built an outstanding regulatory team to support our R&D capabilities in neurotrauma, and are poised to continue developing new applications for our hydrogels in other areas of the body."

Recent Corporate Highlights

Biopolymer Scaffolding for SCI:

Financial Results

For the year ended December 31, 2012, the Company reported net income of $4,664,000, or $.06 per diluted share, compared with a net loss of $34,728,000, or $.67 per diluted share, for the year ended December 31, 2011. Included in net income (loss) for the years ended December 31, 2012 and 2011 were a non-cash derivative gain of $17,480,000 in 2012, and a non-cash derivative loss of $26,066,000 in 2011, both of which reflect changes in the fair value of the derivative warrant liability. Excluding the non-cash derivative gain (loss), the non-GAAP diluted loss per share for the year ended December 31, 2012 would have been $.20 per dilutive share, compared to $.17 per diluted share for the year ended December 31, 2011. Total operating expenses for the year ended December 31, 2012 were $12,779,000 compared with $8,659,000 for the year ended December 31, 2011. The Company ended the year with $13,426,000 of cash on hand.

About InVivo Therapeutics

InVivo Therapeutics Holdings Corp. is focused on utilizing polymers as a platform technology to develop treatments to improve function in individuals paralyzed as a result of traumatic spinal cord injury. The Company was founded in 2005 on the basis of proprietary technology co-invented by Robert Langer, ScD, Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who is affiliated with Massachusetts General Hospital. In 2011, the Company earned the prestigious David S. Apple Award from the American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine. The publicly traded company is headquartered in Cambridge, MA. For more details, visit http://www.invivotherapeutics.com

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InVivo Therapeutics Reports 2012 Financial Results, Provides Business Update