The Cambridge, Mass.-based company’s neuro-spinal scaffold is designed to be surgically implanted following acute spinal cord injuries to act as a physical substrate for nerve sprouting.
The procedure was performed at Camden, N.J.’s Cooper Neurological Institute in New Jersey by site principal investigator Dr. Steven Yocom.
“The implantation procedure was a success, and the patient is recovering well. We are excited to be part of the Inspire study and look forward to following the patient’s progress,” Dr. Yocom said in a prepared statement.
“We are pleased to hear that the patient is doing well. We now have 13 patients enrolled and in follow up, and we are pleased to have announced two enrollments in the last 2 weeks,” CEO Mark Perrin said in a press release.
Earlier this month, InVivo Therapeutics saw shares rise slightly after the medical device developer posted 4th quarter and full year 2016 earnings that mostly fell in line with consensus on Wall Street.
The posted losses of $5.4 million, or 17¢ per share for the 3 months ended December 31, with losses growing 14.8% while losses per share stayed steady. Adjusted to exclude 1-time items, losses were $6.8 million, or 21¢ per share, slightly higher than expectations on Wall Street of 19¢.
For the full year, InVivo Therapeutics posted losses of $23.4 million, or 76¢ per share, with losses and losses per share shrinking 29.6% and 39.7%, respectively, compared with the prior year.
Non-GAAP losses per share were 78¢ for the year, down 8.2% from last year and in line with expectations on The Street.