InVivo Therapeutics Holdings Corp. has reported financial results for the quarter ended June 30, 2014. It looks like the company’s got its finger on the financial hosepipe at least.
InVivo Therapeutics Holdings Corp. is a pioneering biomaterials and biotechnology company with a focus on developing treatments for spinal cord injuries. If you follow our coverage of the company over the past year or so, you’d probably characterise it as “embattled”, such have been its many challenges. It’s seen innumerable boardroom changes, staff losses and trial delays all in the name of getting its Neuro-Spinal Scaffold to the U.S. market.
So, in that context, reporting a net loss of only $3,646,000 for the quarter ended June 30, 2014 is good news. After all, a year ago the equivalent figure was $14,286,000. For the six months ended June 30, 2014, the Company reported a net loss of approximately $8,749,000 compared to a net loss of $27,612,000, for the six months ended June 30, 2013.
If you want a full analysis of what lies behind these figures, take a look at the full press release here. What looks like being the name of the game is getting the core products to market before the remaining $20,850,000 of cash and cash equivalents runs out.
Mark Perrin, the CEO of InVivo, said, “Given the accomplishments of the first half year, I am tremendously excited that as we enter the second half of 2014, we will be able to successfully leverage and build on the major strengths and capabilities that have been established. Our new highly-experienced leadership team represents the best people to drive the development of our two major products: the Neuro-Spinal Scaffold and the Neuro-Spinal Scaffold plus stem cells programs. These two major assets form the foundational core of our newly focused mission, which is to lead as the experts in the field of spinal cord injury.”
Source: InVivo Therapeutics, Holdings Corporation, Business Wire