InVivo Therapeutics Reports Third Quarter 2012 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 the financial results for the three and nine months ended September 30, 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 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 $10 billion.

"We finished Q3 by expanding our product pipelines and collaborating with the FDA to establish first-of-a-kind protocols for gaining FDA approval to begin the first human study to introduce biomaterials to the spinal cord after SCI, said Frank Reynolds, InVivos Chief Executive Officer. Were establishing important standards of practice and best practices to shorten learning curves and expedite our products to market. Weve made excellent progress in recent months and are firing on all cylinders, and we expect that the next six months will mark a major inflection point in our growth. We have built out strong R&D capabilities in neurotrauma and are poised to move our SCI devices into clinical trials followed by multiple neurotrauma products outside of the spinal cord."

Recent Corporate Highlights

William D'Agostino, PE joined as Senior Director of Manufacturing and Engineering. Mr. D'Agostino, a former Covidien executive, has launched more than 100 new polymer products, including degradable sutures.

Brian Hess was promoted to Chief Technology Officer from Director of Product Development. Mr. Hess, a former Stryker executive with extensive biomaterials experience, won the coveted Innovator of the Year award while at Stryker.

Arthur Coury, PhD joined as an advisor to the CEO and a member of InVivo's Business Advisory Board. Dr. Coury is an expert in polymeric biomaterials and his knowledge and leadership has led to multiple FDA approvals of hydrogel products.

Financial Highlights

Financial Results

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InVivo Therapeutics Reports Third Quarter 2012 Financial Results, Provides Business Update