InVivo Therapeutics Q2 meets the street, shares stay steady

InVivo Therapeutics (NSDQ:NVIV) shares stayed steady after the company released 2nd quarter earnings that met the street on losses per share.

The Cambridge, Mass.-based company reported losses of $5.2 million, or 16¢ per share, for the 3 months ended June 30, 2016. That amounts to a 50% reduction in losses for InVivo Therapeutics compared with same period in 2015.

After adjusting to exclude 1-time items, losses per share were 18¢, a good tick below what analysts on Wall Street were looking for with expectations set fro losses of 22¢ per share.

“The 2nd quarter was one marked by continued advancements and outreach. In the Inspire study, a 4th patient converted from a complete to an incomplete spinal cord injury, putting us one step closer to achieving the Objective Performance Criterion. The InVivo story was disseminated to life science professionals through our article in Life Science Leader; to researchers through our presentations at the 34th Annual Symposium of the National Neurotrauma Society and at the Committee Roundtable on Biomedical Engineering Materials and Applications; to neurosurgeons through our symposium at the 84th American Association for Neurological Surgeons Annual Scientific Meeting and our case report published in Neurosurgery; and to a broad audience through our feature on WBZ NewsRadio, a CBS radio affiliate. We strengthened our team by adding Christina Morrison to the Board of Directors and the University of Virginia and the University of Pennsylvania to the Inspire study, and we enhanced our intellectual property estate by adding a broad patent covering methods of treating spinal cord injuries. We ended the quarter in a strong financial position and believe our funds will last us through the end of 2017,” CEO Mark Perrin said in prepared remarks.

Shares haven’t moved much after the news, only up 0.2% to trade at $6.39 as of 2:41 p.m. EDT.

In July, InVivo said the FDA cleared an expansion of its Inspire study of its neuro-spinal scaffold, now set to enroll up to 20 patients, and announced the 9th and 10th implantation in the trial, though the 10th patient died of an unrelated stroke.

The company’s neuro-spinal scaffold is surgically implanted following acute spinal cord injuries to act as a physical substrate for nerve sprouting. The federal watchdog cleared the company to expand the trial for up to 20 evaluable patients. The decision came based off the review of 6-month safety data from the trial, InVivo said.

In June, InVivo touted a case study of the 1st implantation of its spinal scaffold.

The study, published in Neurosurgery, the journal of the Congress of Neurological Surgeons, involved a 25-year-old man with an American Spinal Injury Assn. Grade A spinal cord injury sustained in a motocross accident. Dr. Nicholas Theodore implanted an InVivo spinal scaffold directly into the traumatic cavity.

After 3 months, the patient had improved to a Grade C incomplete injury, according to the study, and at 6 months there were no procedural complications or safety issues related to the device. InVivo has said that the patient demonstrated an 8-point gain on the 50-point AIS lower extremity motor score and additional bilateral motor function improvements between the 6-month and 12-month follow-ups.

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