InVivo Therapeutics Corporation (NVIV) Awarded $2 Million Loan From MassDevelopment
10/9/2012 10:54:30 AM
CAMBRIDGE, Mass. & BOSTON--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV), and MassDevelopment announced today that MassDevelopment has awarded InVivo Therapeutics a $2 million loan from its Emerging Technology Fund to help fund the commercialization of InVivo's groundbreaking technologies for the treatment of spinal cord injuries (SCI) and other neurotrauma conditions. InVivo will use the proceeds from this low cost, seven year term loan for general working capital purposes and to purchase equipment for the expansion of manufacturing and research capabilities at its new facility in Cambridge MA. As InVivo's business grows, the Company expects to substantially increase employment in manufacturing, sales, marketing, clinical, and regulatory positions over the next two years.