InVivo receives $244,000 in grant funding under QTDP program

InVivo Therapeutics (OTCBB: NVIV), a company focused on the development of groundbreaking technologies for the treatment of spinal cord injuries (SCI), today announced that it has been awarded $244,000 in grant funding as part of the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program. Proceeds from the grant will be used to support ongoing research and development costs associated with InVivo's lead product candidate, a novel biocompatible polymer scaffolding device designed for implantation into a lesion to treat acute open-wound SCI.

“The QTDP grant provides recognition of InVivo's novel and promising approach to the treatment of spinal cord injury”

"The QTDP grant provides recognition of InVivo's novel and promising approach to the treatment of spinal cord injury," said Frank Reynolds, Chief Executive Officer of InVivo. "We are committed to the advancement of groundbreaking treatments and look forward to moving into human clinical testing with our lead product candidate upon FDA clearance of an investigational device exemption."

The QTDP program was created by the U.S. Congress as part of the Patient Protection and Affordable Care Act passed on March 23, 2010. Eligibility for the grant requires that a project have the potential to develop new treatments that address "unmet medical needs" or chronic and acute diseases; reduce long-term health care costs; or represent a significant advance in finding a cure for cancer.