Shares of InVivo Therapeutics (OTC:NVIV) area up today despite wider 1st-quarter operating losses, as investors react to news that the medical device company will seek a listing on either the New York Stock Exchange or the NASDAQ exchange.
"In recent weeks, we’ve held productive meetings with the NYSE and NASDAQ, and we look forward to ringing the bell on an exchange in NYC soon," CEO Frank Reynolds said in prepared remarks.
NVIV shares rose 1.0% to $2.93 apiece today after the Cambridge, Mass.-based company today reported operating losses of $2.9 million for the 3 months ended March 31, up 15.9% compared with Q1 2012. Including a $10.5 million non-cash charge on a derivatives loss, losses were $13.3 million, or 20¢ per share, compared with profits of $3.1 million, or 5¢ per share during the same period last year.
"We are off to a great start for 2013 and continue to successfully accelerate our plans," Reynolds said InVivo expects to begin generating revenue next year from products based on its hydrogel technology, once they’ve won 510(k) clearance from the FDA.
The company is also gearing up to begin the 1st human clinical trial of its bioploymer scaffold, which treats traumatic spinal cord injury, with a safety study of 5 patients over 15 months. InVivo raised more than $10 million earlier this month from an early warrants call, which Reynolds said helped clear the way for talks about a major exchange listing.
