GREENWICH, Conn., April 5, 2013 /PRNewswire/ -- Spencer Trask, a venture capital firm focused on developing big ideas into world-changing companies, congratulates InVivo Therapeutics (NVIV), for its recent approvals from the U.S. Food and Drug Administration (FDA). On the heels of FDA approval for Humanitarian Use Device (HUD) designation (an important benchmark and speed-to-market catalyst), InVivo has received yet another important FDA approval – Investigational Device Exemption (IDE), allowing human trials to begin.
With IDE approval, InVivo will now be able to run first-in-man clinical trials to confirm safety and performance of its biopolymer scaffold. There are currently no treatment options approved by the FDA, or in clinical trials, to intervene directly in the spinal cord following a spinal cord injury. "We believe InVivo's treatment for spinal cord injuries could have a profound impact. If this is approved, it will change lives," said Kevin Kimberlin, Chairman of Spencer Trask & Co. "This is what we are all about – helping entrepreneurs brave enough to work on tough problems, like ending paralysis due to spinal cord injuries."
Spencer Trask Ventures raised $13 million in early-stage funding for InVivo in December of 2010 through its network of individual investors at a share price of $1.00.
"The funding from Spencer Trask came at a critical time in InVivo's growth – it enabled us to take the next step and expand our facility," said Frank Reynolds, CEO of InVivo Therapeutics. "That was an important milestone for InVivo, and I want to thank those early investors for helping us grow our big idea. These recent FDA approvals take us two giant steps closer to achieving a viable treatment for spinal cord injuries."
Other Spencer Trask firsts include: Myriad Genetics, the first human genome company; Ciena, the first wave division multiplexing system to power the Internet; Osiris, the first company with an FDA-approved stem cell therapy; and Next Level Communications, the first VDSL broadband system.
About Spencer Trask & Co. and Spencer Trask Ventures
Spencer Trask is a venture capital firm that transforms bright ideas into great companies. Through a collaborative network of business leaders, domain experts and individual investors, Spencer Trask builds market-leading companies with a sustainable competitive advantage. Clients invest on a deal-by-deal basis rather than through a fund. Spencer Trask Ventures is a wholly owned subsidiary of Spencer Trask & Co.
SOURCE Spencer Trask