InVivo Therapeutics (NSDQ:NVIV) this week said that 2 neuro spinal scaffold trial patients who had reportedly improved have reverted to their original injury state. The company also released 1st quarter earnings which beat the Street, but still saw shares fall.
The company said that a patient it had announced in January had improved from a complete AIS A spinal cord injury to an incomplete AIS B spinal cord injury was recently assessed to have reverted back to a complete AIS A spinal cord injury.
A separate patient, which the company said in March had improved from a complete AIS A spinal cord injury to an incomplete AIS B spinal cord injury, was recently assessed to have been reverted back to a complete AIS A spinal cord injury.
“The AIS grade improvement rate observed thus far in the Inspire study compares favorably to the natural history of spinal cord injury. We look forward to monitoring these patients’ progress as they reach the primary endpoint at six months post-injury and as we work towards completing enrollment of Inspire,” CEO & chair Mark Perrin said in a press release.
The company said that of the 14 patients in the Inspire trial, 8 have reached the study’s 6-month primary endpoint, with 5 of those having received an AIS grade improvement compared to baseline.
The Cambridge, Mass.-based company posted losses of $6.4 million, or 21¢ per share, seeing losses grow 3.5%. Losses per share came in just under the consensus on Wall Street, where analysts had expected to see losses of 22¢ per share.
“In the 1st quarter, we continued to make significant progress at InVivo and with the Inspire study. By early April, we had enrolled four new patients into the Inspire study, with three patients enrolled within 30 days of each other. We also announced four new clinical sites for the Inspire study,” CEO Mark Perrin said in a prepared statement.
Shares in InVivo dropped today nearly 15%, down 50¢ at $2.90 at close.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.