CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV) today provided a business update and reported financial results for the quarter ended June 30, 2018.

Richard Toselli, M.D., President and Chief Executive Officer of InVivo, commented, “We continued to make progress in the second quarter of 2018, as the net proceeds of $13.5 million from our successful June 2018 public offering have put us in a position to focus on the initiation of the INSPIRE 2.0 Study. We are currently engaging in the clinical site initiation process with previously-identified sites and manufacturing the clinical product for the Study. We have also selected a clinical research organization for the Study. We look forward to providing future updates on the progress of the INSPIRE 2.0 Study as we advance toward patient enrollment.”

Financial Results

The Company remains focused on reducing its cash burn in order to maximize the amount of resources available to support complete patient enrollment in the INSPIRE 2.0 Study. Operating expenses in the three-month period ended June 30, 2018 were $2.8m compared to $6.9m for the three-month period ended June 30, 2017, representing a 59% decrease in operating expenses. The Company’s operating expenses for the six-month period ended June 30, 2018 was $7.6m versus $13.6m for the six-months period ended June 30 2017, representing a 44% decrease in operating expenses. The Company anticipates that it will maintain its current cash burn rate of less than $1m per month, including expenses related to the Inspire 2.0 Study, in the coming quarters.

For the three-month period ended June 30, 2018, the Company reported a net loss of $12.9m, or $7.48 per diluted share, compared to a net loss of $6.3m, or $4.92 per diluted share, for the three-month period ended June 30, 2017. For the six-month period ended June 30, 2018, the company reported a net loss of $17.7m, or $11.2 per diluted share, compared to a net loss of $12.7m, or $9.91 per diluted share for the six-month period ended June 30, 2017. The net loss increase was primarily driven by non-cash loss related to derivative accounting on the warrants issued as part of the June 2018 public offering, as well as by financing costs related to the offering. The Company anticipates the valuation of the derivative warrant liability to reduce considerably over the coming quarters as the warrants are exercised.

The Company ended the quarter with $22.3 million of cash and cash equivalents.

About InVivo Therapeutics

InVivo Therapeutics Holdings Corp. is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The Company was founded in 2005 with proprietary technology co-invented by Robert Langer, Sc.D., Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital and is who now affiliated with Massachusetts General Hospital. In January 2018, the company announced updated clinical evidence, including improvements in patients with acute spinal cord injury (SCI), from its INSPIRE Study of the Neuro-Spinal Scaffold™. The publicly traded Company is headquartered in Cambridge, MA. For more details, visit www.invivotherapeutics.com.