Shares of InVivo Therapeutics gain more than 50% by the end of the day Friday after the company announces that it’s ready to set aside its hydrogel product development to focus on an upcoming clinical trial of its degradable spinal scaffold.
Massachusetts-based InVivo Therapeutics (OTC:NVIV) saw a major surge on Wall Street on Friday after the market reacted to news that it will soon begin enrolling patients in a U.S. clinical trial of its 1st investigational product, diverting development efforts from its hydrogel drug delivery platform.
The study is taking top priority over other efforts, InVivo said, and the company is searching for strategic partners rather than further developing its hydrogel product on its own. InVivo’s already in talks with “a number of prospective corporate partners,” but said it’s too soon to discuss time lines or therapeutic areas.
