SEC closes InVivo Therapeutics probe

InVivo Therapeutics (NSDQ:NVIV)  said today that the U.S. Securities & Exchange Commission ended a probe of the regenerative medicine company and doesn’t plan to recommend any enforcement action.

Cambridge, Mass.-based InVivo said in January that the SEC’s Boston office subpoenaed documents concerning former CEO Frank Reynolds and ex-acting CFO Sean Moran and “certain other corporate events.”

Today the company said the financial watchdog closed its investigation “concerning statements related to the timing and completion of the clinical study of the neuro-spinal scaffold.”

InVivo’s bioabsorbable device is designed to treat acute spinal cord injuries. Earlier this week, the company won the FDA’s approval to double the size of a clinical trial of the neuro-spinal scaffold.

Although the scrutiny from federal regulators is over, InVivo is still under the eye of Bay State regulators. Back in August 2014, Massachusetts state secretary William Galvin’s office opened a probe into Reynolds’ actions before September 2013.

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