InVivo Therapeutics Executes Deal for New, World-Class Global Corporate Headquarters Including Research & cGMP Manufacturing ...
December 01 2011 - 12:10PM
Business Wire
InVivo Therapeutics Holdings Corp. (OTC/BB: NVIV), a
company focused on the development of groundbreaking technologies
for the treatment of spinal cord injuries (SCI), today announced
that it has entered into a multi-year lease for a 21,000
square-foot facility at One Kendall Square in Cambridge, MA.
The new facility will serve as the Company’s fully integrated
global corporate headquarters. Bringing all of InVivo’s business
units under one roof for the first time, the facility will house
corporate offices, lab space, a rodent vivarium, and a cGMP
cleanroom to meet the needs of InVivo’s planned human studies for
three different products anticipated to begin in 2012.
The Company expects to occupy the new facility in early
2012.
According to Frank Reynolds, CEO of InVivo Therapeutics, the new
headquarters will allow InVivo to continue to contain costs and
improve time-to-market for the Company’s products. Said Reynolds,
“In 2005, we started on a mission to engage multiple disciplines of
science to treat spinal cord injuries. Now we have the facility to
fully support our teams and to conduct our human studies.”
In addition to office and administrative space, the facility
provides significant additional scientific resources for advancing
InVivo Therapeutics’ product pipeline, including:
- A chemistry lab for formulations and
chemical synthesis of the Company’s hydrogel and polymer-based
scaffold technologies;
- A cGMP cleanroom for manufacturing and
packaging of the Company’s biomaterial devices for clinical studies
and early product launch;
- A rodent vivarium to evaluate the
safety and efficacy of various devices and treatment combinations
in SCI and other nervous system injury models which the Company
believes to be one of the largest dedicated to spinal cord injury
research in the world;
- A biology lab for developing cell
therapies used in combination with the Company’s biomaterial
devices;
- A surgeon training facility to educate
the medical community, prepare for product launch, and engage
physicians for research and product development purposes; and,
- The ability to expand to additional
space as the Company grows.
Continued Reynolds, “As a company that emerged from MIT, are
remaining close to our roots and will continue to be located just a
few hundred yards from MIT’s Langer Lab. Our new headquarters
represents an important step in our Company’s corporate development
and improves our ability to continue to recruit the best talent
available. Recently, we added four world-class neuroscientists to
our team and this facility will provide them with an innovative
work environment. We’ll have critical resources for accelerating
our development while maintaining FDA-compliant manufacturing
processes.”
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is focused on utilizing
polymers as a platform technology to develop treatments to improve
function in individuals paralyzed as a result of traumatic spinal
cord injury. The company was founded in 2005 on the basis of
proprietary technology co-invented by Robert Langer, ScD. Professor
at Massachusetts Institute of Technology, and Joseph P. Vacanti,
M.D., who is affiliated with Massachusetts General Hospital. In
2011, the company earned the prestigious David S. Apple Award from
the American Spinal Injury Association for its outstanding
contribution to spinal cord injury medicine. The publicly traded
company is headquartered in Cambridge, Mass. For more details,
visit www.invivotherapeutics.com.
Safe Harbor Statement
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
within the meaning of the federal securities laws. Any
forward-looking statements contained herein are based on current
expectations, but are subject to a number of risks and
uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the Company’s
ability to sell additional shares of common stock and warrants to
purchase common stock at additional closings, the Company’s ability
to develop, market and sell products based on its technology; the
expected benefits and efficacy of the Company’s products and
technology in connection with spinal cord injuries; the
availability of substantial additional funding for the Company to
continue its operations and to conduct research and development,
clinical studies and future product commercialization; and, the
Company’s business, research, product development, regulatory
approval, marketing and distribution plans and strategies. These
and other factors are identified and described in more detail in
our filings with the SEC, including our Form 10-K and Form 10-Qs
and our current reports on Form 8-K. We do not undertake to update
these forward-looking statements made by us.