Dec 26, 2013,(Boston Business Journal)–Stock shot up 10 percent in InVivo Therapeutics Thursday after the company made an afternoon announcement that its plan to test its product intended to treat acute spinal injuries has received conditional approval from U.S. regulators.The Cambridge company said the U.S. Food and Drug Administration has tentatively accepted the proposed changes to a trial
But in November, Astrue outlined plans to have trials underway by the end of March of next year, and last week, the company named a new permanent CEO, Mark Perrin.
In Thursday’s announcement, the company said it plans to send its revised trial plan to six test sites next week, and that the first site will be ready for test subjects by early March.
Astrue, who was still referred to as the interim CEO in the statement Thursday, said that “today’s news is one more critical step forward toward testing our scaffold on our first patient.”
As of the close of markets Thursday, InVivo’s stock was up 10 percent for the day to $2.20 a share.