InVivo Therapeutics Reports First Quarter 2013 Financial Results, Provides Business Update

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

InVivo Therapeutics Holdings Corp. (NVIV), a developer of groundbreaking technologies for the treatment of spinal cord injuries (SCI) and other neurotrauma conditions, today reported financial results for the three months ended March 31, 2013 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 spinal cord injury. Today there is no effective treatment for the spinal cord for paralysis caused by SCIs, and the market potential is estimated to be over $15 billion.

"We are off to a great start for 2013 and continue to successfully accelerate our plans, said Frank Reynolds, InVivos Chief Executive Officer. Weve received FDA approval to commence a first-in- man clinical study for our biopolymer scaffolding to treat acute SCI, and we also received Humanitarian Use Device designation for the product. Wall Street has noticed, and our stock price has appreciated significantly since these key milestones were achieved. This has permitted us to call investor warrants that will provide up to $16.1 million of equity capital, but more importantly, will remove an accounting liability that has been an impediment to up-listing to a national securities exchange. Continued Reynolds, In recent weeks, weve held productive meetings with the NYSE and NASDAQ, and we look forward to ringing the bell on an exchange in NYC soon. Weve also made excellent progress identifying 510(k) products based on our hydrogel technology, and we expect two of them to generate revenue in 2014. Our new materials are advancing in development, creating a large portfolio of products to treat neurotrauma conditions.

Recent Corporate Highlights

Financial Results

For the three months ended March 31, 2013, the Company reported a net loss of $13,326,000 or $.20 per diluted share, compared to net income of $3,150,000, or $.05 per diluted share, for the three months ended March 31, 2012. Included in results for the three months ended March 31, 2013 was a non-cash derivative loss of $10,449,000 and for the three months ended March 31,2012 a non-cash derivative gain of $5,613,000, each reflecting changes in the fair value of the derivative warrant liability. Exclusive of the non-cash derivative gain and loss, the pro forma net loss for the three months ended March 31, 2013 was $2,877,000 or $.04 per diluted share, compared to a pro forma net loss of $2,463,000 or $.04 per diluted share for 2012.

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.

Safe Harbor Statement

Read this article:
InVivo Therapeutics Reports First Quarter 2013 Financial Results, Provides Business Update