💥New Chapter 11 Bankruptcy Filing - InVivo Therapeutics Corporation ($NVIV)💥
Biotech company will wind-down in bankruptcy (while pursuing sale of assets).
On February 1, 2024, InVivo Therapeutics Corporation and InVivo Therapeutics Holdings Corp. ($NVIV)(together, the “debtors”) filed chapter 11 bankruptcy cases in the resurgent District of Delaware (Judge Walrath). The debtors are a research and clinical-stage biomaterials and biotech company focused on treatment of spinal cord injuries — “clinical stage” being the operative phrase. After twenty years of development, the debtors have been unable “…to achieve meaningful clinical outcomes to support the continued pursuit of its Neuro-Spinal Scaffold device for development and ultimate commercialization in the area of spinal cord injury treatment.” That failure, illustrated, looks something like this ⬇️: