Invivo Therapeutics Holdings Corp (NASDAQ:NVIV)
Invivo Therapeutics Holdings Corp (NASDAQ:NVIV) shares established a new all-time low after the company voluntarily ceased enrolling patients in its INSPIRE clinical trial. The halt came after a third patient involved in the study died. However, the company stated on Monday that none of the deaths were related to the device or the implant procedure. On Friday, NVIV closed at $2.45 then plummeted over 25% on the news of the patient’s death to end the day at $1.80.
Invivo Therapeutics Holdings Corp (NASDAQ:NVIV)’s approach to treating spinal cord injuries revolves around the investigational Neuro-Spinal Scaffold. The Neuro-Spinal Scaffold is intended to be inserted into the spinal cord at the site of injury and will break down over several weeks. The goal of the Neuro-Spinal Scaffold is to modulate the healing environment in acute Spinal Cord Injury (SCI) and provide the structural support in acute and chronic injury necessary to promote a local environment supportive of cell survival and growth. The properties of the Neuro-Spinal Scaffold make it the only SCI therapy focused solely on treating SCI directly at the epicenter of the injury.
Even as it announced a third patient death in the trial, Invivo Therapeutics Holdings Corp (NASDAQ:NVIV) said that two more patients had met the primary goal of the study: being “converted,” or having their condition upgraded on a five-point scale, six months after implantation. So far, according to InVivo, 6 of 11 patients have achieved that goal. As a result of the temporary enrollment halt, InVivo anticipates completing INSPIRE enrollment in the first half of 2018 and submitting a Humanitarian Device Exemption (HDE) application in the second half of 2018.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.