InVivo Therapeutics Holdings Corp. (NVIV), a research and clinical-stage biotechnology company saw an increase of 12.31% in share price on Thursday. As a result, the price soared to $0.67. In the pre market, the NVIV stock is changing hands at $0.75, an increase of 12.61%.
NVIV Q2 financial results
On the 13th of August, InVivo (NVIV) released the quarterly results for the second quarter of the fiscal year 2021, which ended June 30th. According to those, the company had total assets of $258.14 million as of the 30th of June. The total operating expenses stood at $2.31 million, as compared to the operating expenses of $2.19 million during the equivalent period of 2020. The net loss for the quarter stood at $2.309 million, as compared to a net loss of $2.189 million during the equivalent period of 2020.
Acceptance of preclinical module
In Mid-July, InVivo Therapeutics (NVIV) announced that Federal Drug Administration (FDA) has accepted its preclinical module. That module was one of the three modules required by the company for its Human Device Exemption (HDE) application. The acceptance of HDE application by FDA depicted that FDA completed review of module and had no outstanding questions. Previously, FDA approved InVivo’s HDE modular shell submission as well as review process ofthe Neuro-Spinal Scaffold™ implant. The preclinical module is first one by the company to be submitted to FDA for review. Richard Toselli, M.D., InVivo’s President and Chief Executive Officer, said on the occasion that InVivo values the FDA’s continued collaboration with it to help achieve the goal of complete HDE submission.
Publication in Journal
In February, the NVIV announced publication in peer-reviewed Journal of Neurosurgery: Spine. The review described the earlier presented six month primary endpoint results for the company INSPIRE 1.0 study. It titled “A study of probable benefit of a bioresorbable polymer scaffold for safety and neurological recovery in patients with complete thoracic spinal cord injury: 6-month results from the INSPIRE study.” Richard Toselli said on the occasion that it was rewarding for the company to see the INSPIRE 1.0 results published in Neurosurgery: Spine. He thanked all the patients who contributed in that regard.
Impact of COVID-19 on NVIV
Being a biotech company, InVivo (NVIV) didn’t face the effects of COVID as enormously as the ones associated with other sectors. Though revenue target was not achieved during the year, yet, the impact was not that much severe. Operational capability of the company got disturbed, and as a result, it didn’t produce the outcome which it was expected to produce. Annual and quarterly financial result depict that the company faced consequences of pandemic, yet, it didn’t got hit that much. With the easing government restrictions around the world, InVivo’s business is back on track of success.
Future of NVIV stock
Indicators are showing that NVIV stock could gain a positive momentum during near future. According to analysts, the company’s EPS during this year could grow by a massive 96.03%. So, potential investors should keep a close watch on NVIV stock future performance.
