Business & Finance
Business and Finance
Business and Finance
Wed, November 3, 2010 InVivo Therapeutics Awarded $244K Therapeutic Discovery Project Grant
CAMBRIDGE, Mass.--([ BUSINESS WIRE ])--InVivo Therapeutics (OTCBB: NVIV), a company focused on the development of groundbreaking technologies for the treatment of spinal cord injuries (SCI), today announced that it has been awarded $244,000 in grant funding as part of the U.S. Governmenta™s Qualifying Therapeutic Discovery Project (QTDP) program. Proceeds from the grant will be used to support ongoing research and development costs associated with InVivoa™s lead product candidate, a novel biocompatible polymer scaffolding device designed for implantation into a lesion to treat acute open-wound SCI.
"The QTDP grant provides recognition of InVivoa™s novel and promising approach to the treatment of spinal cord injury"
aThe QTDP grant provides recognition of InVivoa™s novel and promising approach to the treatment of spinal cord injury,a said Frank Reynolds, Chief Executive Officer of InVivo. aWe are committed to the advancement of groundbreaking treatments and look forward to moving into human clinical testing with our lead product candidate upon FDA clearance of an investigational device exemption.a
The QTDP program was created by the U.S. Congress as part of the Patient Protection and Affordable Care Act passed on March 23, 2010. Eligibility for the grant requires that a project have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; reduce long-term health care costs; or represent a significant advance in finding a cure for cancer.
About InVivo Therapeutics
InVivo Therapeutics Holding Corporation 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 as that term is defined in the Private Securities Litigation Reform Act of 1995. 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 and warrants to purchase common stock at additional closings, the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Companya™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 current reports on Form 8-K. We do not undertake to update these forward-looking statements made by us.
