InVivo Therapeutics (NVIV) Reports 2016 Third Quarter Financial Results And Business Update
11/7/2016 11:09:50 AM
CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV) today reported financial results for the quarter ended September 30, 2016.
Mark Perrin, InVivo’s Chief Executive Officer and Chairman, said, “In the third quarter, we continued to make fundamental progress at InVivo. One of the most notable achievements was the expansion of the INSPIRE study to allow for twenty evaluable patients. Just a few weeks later, we had a fifth patient improve from complete to incomplete paralysis making our current conversion rate approximately four times the rate in natural history databases (62.5% vs. 16%). Due in large part to the encouraging clinical outcomes achieved to date, we appointed Pam Stahl as Chief Commercial Officer to lead pre-commercialization efforts in preparation for establishing a commercial organization. We expanded the INSPIRE footprint when we received Investigational Testing Authorization from Health Canada and added our first ex-U.S. investigator and site: Dr. Fehlings at Toronto Western Hospital. We also added Northwestern Medicine and Ben Taub Hospital/Baylor College of Medicine. We had one of our most active quarters in terms of domestic and international speaking engagements: for the investment audience, we presented at annual conferences for Cantor Fitzgerald, Rodman & Renshaw, and Ladenburg Thalmann; for the medical audience, we presented at the International Spinal Cord Society Annual Scientific Meeting and had multiple presentations at the 2016 Congress of Neurological Surgeons Annual Meeting, including a late-breaking oral presentation; and for the scientific audience, we presented at the Cell & Gene Meeting on the Mesa. We ended the quarter in a strong financial position and believe our funds will last us through the end of 2017.”
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