InVivo Therapeutics Holdings Corp (NASDAQ:NVIV) announced that it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for U.S. Patent Application No. 14/496,742, titled “Methods and Compositions for the Treatment of Open and Closed Wound Spinal Cord Injuries”. The application covers InVivo’s investigational Neuro-Spinal Scaffold, which is currently being studied in a pilot clinical trial and has been successfully implanted in three patients. Also covered is InVivo’s Neuro-Spinal Scaffold Plus Stem Cells program, which is in early stages of development for the treatment of chronic spinal cord injury. Of note, the allowed claims cover broader compositions for both products than the previously granted U.S. Patent No. 8,858,966 issued on October 14, 2014. InVivo is the exclusive licensee of this intellectual property for spinal cord injury and other indications through a license with Boston Children’s Hospital and the Massachusetts Institute of Technology (MIT). A notice of allowance from the USPTO is a written notification that a patent application has cleared internal review and is pending issuance.
Dr. Bob Langer, the first named inventor on the patent application, is one of 11 Institute Professors (the highest honor that can be awarded to a faculty member) at MIT and one of five living Americans to be awarded both the United States National Medal of Science and the United States National Medal of Technology and Innovation. Dr. Langer, who is an InVivo co-founder and Scientific Advisory Board member, said, “I am pleased with the most recent patent allowance and excited to see the Neuro-Spinal Scaffold being tested in clinical trials in spinal cord injury patients. Composition flexibility for future products is important for any developing portfolio.” The other named co-inventors are Dr. Rajiv Saigal and Dr. Yang Teng.
Mark Perrin, InVivo Chief Executive Officer and Chairman, said, “This notice of allowance is a significant step in the advancement of our intellectual property estate that broadens the area of our market exclusivity. We are constantly evaluating innovative materials that could provide treatments for spinal cord injury patients, and this new protection allows us to utilize a wider array of building blocks to advance this important initiative.”(Original Source)
Shares of Invivo Therapeutics closed last Friday at $16.28 . NVIV has a 1-year high of $0 and a 1-year low of $0. The stock’s 50-day moving average is $13.84 and its 200-day moving average is $10.06.
On the ratings front, H.C. Wainwright analyst Andrew Fein initiated coverage with a Buy rating on NVIV and a price target of $25, in a report issued on April 20. The current price target represents a potential upside of 53.6% from where the stock is currently trading.
According to TipRanks.com, Fein has a total average return of 28.6%, a 68.7% success rate, and is ranked #81 out of 3638 analysts.
InVivo Therapeutics Holdings Corp is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries.