InVivo surges 56% on news of impending U.S. trial, search for strategic partnerships

November 16, 2013 by Arezu Sarvestani

Shares of InVivo Therapeutics gain more than 50% by the end of the day Friday after the company announces that it's ready to set aside its hydrogel product development to focus on an upcoming clinical trial of its degradable spinal scaffold.

InVivo surges 56% on clinical trial news for spinal scaffold

Massachusetts-based InVivo Therapeutics (OTC:NVIV) saw a major surge on Wall Street on Friday after the market reacted to news that it will soon begin enrolling patients in a U.S. clinical trial of its 1st investigational product, diverting development efforts from its hydrogel drug delivery platform.

The study is taking top priority over other efforts, InVivo said, and the company is searching for strategic partners rather than further developing its hydrogel product on its own. InVivo's already in talks with "a number of prospective corporate partners," but said it's too soon to discuss time lines or therapeutic areas.

Sign up to get our free newsletters delivered right to your inbox.

InVivo plans in the 1st quarter of 2014 to launch a clinical study of its degradable polymer scaffold, evaluating the device in treatment of acute spinal cord injuries. More than 10 clinical sites have already signed confidentiality agreements signaling their interest in participating in the human safety trial and members of an independent data safety monitoring committee have already been selected and have agreed to participate, InVivo reported.