Pixarbio founder & CEO Frank Reynolds reportedly faces two decades behind bars after a jury yesterday convicted him of defrauding investors of nearly $13 million. Federal authorities arrested Reynolds, longtime friend and Pixarbio employee Jay Herod and PixarBio CIO Kenneth Stromsland in April 2018 on securities fraud charges, claiming they misled investors about the opioid substitute […]
SEC accuses lawyers in $1.7m PixarBio fraud
The U.S. Securities & Exchange Commission this week accused a coterie of lawyers of securities fraud in connection with nearly $1.7 million in illicit stock sales involving PixarBio. The scheme began in the fall of 2014, the SEC alleged, when Connecticut lawyer Henry Sargent formed a shell company called BMP Holdings and coaxed $1,680 from a […]
Former PixarBio worker pleads guilty in fraud case
A former PixarBio (OTC:PXRB) employee pleaded guilty last Friday to charges of fraud and obstruction, according to a recent report from the Boston Business Journal. The employee, Jay Herod, was accused of making false statements to the SEC and impeding their investigation, as well as manipulating company stock trades and misleading investors, according to the report. […]
Feds arrest PixarBio CEO Reynolds on securities fraud charges
The bizarre saga of biotech executive Frank Reynolds took another turn today when federal authorities arrested the PixarBio (OTC:PXRB) CEO and two associates on securities fraud charges, claiming they misled investors about its opioid substitute and falsely claimed a $1 billion valuation. PixarBio is purportedly developing a drug to replace morphine and other opiates, but prosecutors alleged […]
Facing legal woes, PixarBio takes aim at InVivo
PixarBio (OTC:PXRB) faces its own legal problems: a possible lawsuit by the SEC, legal action by a disgruntled employee who is demanding unpaid wages and former landlords looking for $1.8 million in unpaid rent. But the 7-person biotech is also looking to launch some litigation of its own, according to a recent document it filed with the SEC […]
PixarBio investors sue over InVivo takeover bid
PixarBio (OTC:PXRB) investors launched a securities class action suit against the Massachusetts-based biotech yesterday, alleging that the company lost its investors millions of dollars by issuing false statements about the prospects of a merger with InVivo Therapeutics (NSDQ:NVIV). The case was brought on behalf of investors who purchased or acquired PixarBio stocks between October 31, 2016 through […]
InVivo touts 6th patient conversion in regenerative spinal scaffold trial
InVivo Therapeutics (NSDQ:NVIV) said today that a patient enrolled in December in its Inspire study has improved from a complete AIS A spinal cord injury to an incomplete AIS B spinal cord injury. This is the 6th patient from the 11-patient group to have an AIS grade improvement at the 1-month follow-up mark. The Cambridge, Mass.-based […]
UPDATE: SEC suspends trading in PixarBio shares as bizarre InVivo takeover bid ends
UPDATED Jan. 30, 2017, with comment from Pixarbio; and Jan. 23, 2017, with news of SEC suspension. The U.S. Securities & Exchange Commission today suspended trading in shares of PixarBio (OTC:PXRB) due to possible “manipulative or deceptive activities” and due to questions about the accuracy of claims made by the company in press releases and SEC […]
InVivo adds patient to regenerative spinal scaffold trial
InVivo Therapeutics (NSDQ:NVIV) said today that it enrolled a new patient in the Inspire study of its neuro-spinal scaffold. Principal investigator Dr. Travis Dumont performed the implantation earlier this week, 67 hours after the patient’s spinal cord injury happened. “The implantation procedure of the neuro-spinal scaffold was successful, and the patient is doing well,” Dumont said […]
PixarBio CEO Reynolds ups the ante to $100m in pursuit of InVivo Therapeutics
PixarBio (OTC:PXRB) and CEO Frank Reynolds today upped the ante in their pursuit of InVivo Therapeutics (NSDQ:NVIV), the regenerative medicine company Reynolds co-founded and led until his 2013 ouster. In a lengthy, nearly 2,700-word press release yesterday, PixarBio and Reynolds cited a -41.7% slide in the price of NVIV shares since January 2016 in making their case for the merger […]
Former InVivo Therapeutics CEO Reynolds mounts $77m takeover bid
Updated to include a response from InVivo. Frank Reynolds, the PixarBio (OTC:PXRB) CEO who co-founded and led InVivo Therapeutics (NSDQ:NVIV) before his 2013 ouster, is mounting a $77 million takeover bid for his old company. In a lengthy, nearly 2,700-word press release issued today, PixarBio and Reynolds cited the -41.7% slide in the price of NVIV shares since January […]
