(OTC:IVOB) reported a narrowed annual loss, due in part to changes in the market value of the company’s derivative warrant liability.
For the quarter ended Dec. 31, 2014, the clinical-stage company lost $18.4 million, down 53% from $38.8 million the previous year. Loss per share decreased to 21¢ from 52¢.
Excluding 1-time items, including the derivative warrant liability, InVivo reported adjusted losses of $18 million, compared with $19 million in 2013. Adjusted loss per share would have come in at 20¢ versus 26¢ the previous year, InVivo said.
"2014 was a momentous year for InVivo in every sense of the word. It’s gratifying to look back on how much we accomplished last year and exciting to see the trajectory the company is following," chairman & CEO Mark Perrin said in prepared remarks. "We are in a much better position to execute on our corporate goals than we were only 15 months ago and are significantly closer to achieving our mission: to redefine the life of the spinal cord injury patient. I’m pleased with how we’ve advanced as a company and am very much looking forward to a fruitful 2015."
In January, the company received the green light from safety monitors to reopen enrollment in a clinical study for its neuro-spinal scaffold device in the treatment of acute spinal-cord injuries.