Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) is trading at the bottom of its range and coming up strong on accelerating volume after a test of $0.89. This one has a history of big moves and recently exploded after stock saw an all-time low of $0.461.
Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) massive drop over the past year was caused by former CEO Frank Reynolds aggressive selling of his massive position accumulated over years from running the Company. Things between Mr. Reynolds and the Company turned sour sometime in 2013 and as a result the ex CEO ramped up his distribution campaign to close to 100,000 shares per day.
Earlier this year in NVIV’s 10k for 2013 the Company reveals they are suing Mr. Reynolds for breaches of fiduciary duties, breach of contract, conversion, misappropriation of corporate assets, unjust enrichment, and corporate waste. In response, Mr. Reynolds filed a counterclaim against the Company alleging breach of contract and breach of the covenant of good faith and fair dealing, and tortious interference with a contract.
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Since then, after a failed attempt in March to get himself back onto the NVIV board, Mr. Reynolds started another biomaterials start-up called PixarBio along with his InVivo co-founder, the prolific medical inventor and biotech pioneer, Robert Langer.
In any case the bad blood between Mr. Reynolds and the Company continues and should continue for some time as the former CEO still had over 9 million shares as of April 2014, down from well over 15 million when he was running the Company.
Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV) is a pioneering biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The company was founded in 2005 with proprietary technology co-invented by Robert Langer, ScD. Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, MD, who then was at Boston Children’s Hospital and now is affiliated with Massachusetts General Hospital.
In 2011 the company earned the David S. Apple Award from the American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine.
On October 15 NVIV announced that the first subject has been enrolled in the pilot study of its Neuro-Spinal Scaffold for the treatment of complete traumatic spinal cord injury (SCI) at the Barrow Neurological Institute at St. Joseph’s Hospital and Medical Center in Phoenix, AZ. The objective of the pilot study is to evaluate the safety and feasibility of the Neuro-Spinal Scaffold as well as to gather preliminary evidence of effectiveness. Dr. Theodore said. “The surgery and Neuro-Spinal Scaffold implantation went smoothly and the patient is doing well at this time.”
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Earlier this year NVIV informed investors they were realigning resources to focus exclusively on the scaffold program and eliminating its hydrogel drug delivery program. As part of the realignment, the company reduced its workforce by over 25% and expected to save about $3 million annually.
NVIV is targeting a pre-IND/IDE meeting with the FDA for early 2015 to discuss the scaffold plus cells development program. The Company stated they are in ongoing partnering discussions with a couple neural stem cell companies. The announcement of a definitive agreement should be a strong catalyst and position InVivo to begin FDA discussions for their second and most relevant trial. NVIV also indicated they were reviewing non-traumatic spinal cord improvement indications that could benefit from the scaffold device.
Conclusion: NVIV is holding strong over $1.25 over newly established support and investors are hoping this one moves up from here and surpasses previous highs of $1.60.
Currently trading at a $65 million market valuation NVIV is fully funded going forward with over $20 million in the treasury. The science behind this Company is compelling and with the pilot study of its Neuro-Spinal Scaffold finally underway and the current depressed share price NVIV has every reason to go up from here. NVIV is a stock to watch and deserves to be on Investors radars here.
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Disclosure: we hold no position in NVIV either long or short and we have not been compensated for this article.