InVivo Therapeutics Holdings Corp. (OTC:NVIV), which raised close to $12 million when it went public last year, reported a $9 million net loss for the year ending Dec. 31.
The Cambridge, Mass.-based startup, which is developing an implantable treatment of acute spinal chord injuries, said the 260 percent increase in net losses was attributable to “a non-cash charge of $5,099,000 for derivative losses.” Since its inception in 2005, Invivo has lost more than $14.2 million.
The company reported no revenues in 2010 outside of a $383,000 settlement from a lawsuit and has never made a sale. The company went public through a reverse merger in Oct. 2010, netting some $12 million in private placement funding and just under $1 million in additional funding through convertible and bridge notes. Invivo officials said the company has about $8 million in cash reserves, enough to sustain it through March 2012.
Recently, the company boosted the pay of its CEO and founder Frank Reynolds 27 percent. The raise pushed his base salary from $375,000 to $477,000 per year, not including benefits and a $3,200 a month stipend for general living expenses. With bonuses, Reynolds could fetch up to $775,000 in 2011.
Reynolds is the company’s largest shareholder and acts as its CFO.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
iCAD losses triple
iCAD Inc. (NSDQ:ICAD) reported losses of $2.9 million, or 6 cents per diluted share, on sales of $6.4 million during the three months ended Dec. 31. That compares with profits of $317,398, or 1 cent per diluted share, on revenue of $8.1 million during the same period in 2009.
Full-year losses were $6.2 million, or 14 cents per diluted share, on sales of $24.6 million. That compares with losses of $2.0 million, or 4 cents per diluted share, on sales of $28.1 million in 2009.
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Accellent annual losses skyrocket
Accellent Inc. reported losses of $15.4 million on sales of $110.8 million during the three months ended Dec. 31. That compares with profits of $372,000 on sales of $132.1 million during the same period in 2009.
Full-year losses were $24.5 million on sales of $507.0 million. That compares with losses of $1.1 million on sales of $479.0 million in 2009.
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Tengion losses narrow despite lack of sales
Tengion Inc. (NSDQ:TNGN) reported losses of $5.9 million, or 48 cents per diluted share, with no revenue during the three months ended Dec. 31. That compares with losses of $6.5 million, or $14.62 per diluted share, with no revenue during the same period in 2009.
Full-year losses were $25.6 million, or $3.22 per share, with no revenue. That compares with losses of $162.8 million, or $62.95 per share, with no revenue in 2009.
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ABMC annual losses ease after revenue bump
American Bio Medica Corp. (OTC:ABMC.PK) reported losses of $342,000, or 2 cents per diluted share, on sales of $2.3 million during the three months ended Dec. 31. That compares with losses of $189,000, or 1 cent per diluted share, on sales of $2.2 million during the same period last year.
Full-year losses were $750,000, or 3 cents per diluted share, on revenue of $10.4 million. That compares a loss of $900,000, or 4 cents per diluted share, on revenue of $9.7 million in 2009.
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