InVivo Therapeutics Corporation Announces Major Patent Expansion to Include Additional Nervous System Conditions

CAMBRIDGE, MA--(Marketwire - June 08, 2011) - InVivo Therapeutics (OTCBB: NVIV), a company focused on the development of groundbreaking technologies for the treatment of spinal cord injuries (SCI), today announced it has expanded the “Field of Use” of its existing patent license to include parts of the peripheral nervous system, the cavernous nerve surrounding the prostate, the brain, the retina and cranial nerves. InVivo has an exclusive, worldwide license to a broad suite of patents, co-owned by the Massachusetts Institute of Technology and Harvard’s Children’s Hospital (the “CMCC License”).

The CMCC License previously covered a wide range of biopolymers to treat spinal cord injury and to promote the survival and proliferation of cells in the spinal cord. The CMCC License includes 10 issued U.S. patents and 3 pending U.S. patents as well as 67 international patents and 34 pending international patents. InVivo will leverage its experience in spinal cord injury to create new treatment options for peripheral nerve injuries, epidural injections, cavernous nerve repair following prostate surgery, retina repair, spinal cord tumors, and for applications in the brain.

“InVivo has concurrently engineered our product portfolio resulting in low development costs, a vast knowledge of biomaterials, and a true platform technology that protects and supports nervous system tissue,” said Frank Reynolds, CEO of InVivo Therapeutics. “This is an exciting time for InVivo’s stakeholders as we are just weeks away from submitting an Investigational Device Exemption (IDE) to the U.S. Food and Drug Administration (FDA) for our first product. The patent expansion will allow InVivo to not only develop treatments for unmet medical needs but also to add potential revenue streams. We expect these products to provide good margins for our shareholders with relatively short development timelines.”

This suite of patents is the result of decades of research by Dr. Robert S. Langer, the David H. Koch Institute Professor at the Massachusetts Institute of Technology, and his research teams at Langer Lab. Said Reynolds, “We are excited to apply these discoveries in new areas.”

For more information on this release, please visit http://nviv.irnewsroom.com/news-and-media or click here.

About InVivo Therapeutics

InVivo Therapeutics Holdings Corp. is a Cambridge, MA medical device company 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, MD, who is affiliated with Massachusetts General Hospital in Boston.

Safe Harbor Statement

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to sell additional shares of common stock, the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology in connection with spinal cord injuries; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our Form 10-K and Form 10-Q and our current reports on Form 8-K. We do not undertake to update these forward-looking statements made by us.