No announcement yet.

Cambridge's InVivo Therapeutics receives Life Sciences Center loan

  • Filter
  • Time
  • Show
Clear All
new posts

  • Cambridge's InVivo Therapeutics receives Life Sciences Center loan

    Cambridge's InVivo Therapeutics receives Life Sciences Center loan

    Wicked Local Cambridge
    Posted May 07, 2009 @ 06:50 PM

    The Massachusetts Life Sciences Center, a quasi-public agency tasked with implementing the State’s $1 billion Life Sciences Initiative, has announced the awarding of $3.4 million in loans to seven early-stage life sciences companies in Massachusetts, including InVivo Therapeutics, a medical device company working to develop novel treatments for traumatic spinal cord injuries located in Cambridge, Massachusetts. The Center’s Accelerator Program provides loans of up to $500,000 to early-stage companies engaged in life sciences research and development, commercialization and manufacturing. Seven companies will receive loans out of a total of eighty-eight applications that were submitted to the Center for consideration.

    The Accelerator Program, the Center’s flagship investment program for companies, supports and “de-risks” early-stage companies by providing loans that will match grants and investments from the federal government, foundations, non-profit agencies, institutional investors, and other sources of capital. By leveraging other sources of capital, the Accelerator Program will provide support to companies at the most critical stages of their development cycle, enabling them to conduct vital research and proof of concept studies, and attract subsequent investment, improving the odds of bringing cutting edge innovation to the marketplace.

    InVivo Therapeutics, a medical device company targeting the traumatic spinal cord injury market based on research by Robert Langer, Ph.D. of the Massachusetts Institute of Technology and Jay Vacanti, MD of the Massachusetts General and Children’s Hospitals in Boston, is developing technology to treat traumatic spinal cord injury by utilizing biomaterials with combinations of drugs and cells. InVivo Therapeutics is currently conducting a second round of non-human primate trials and has requested Food and Drug Administration permission to embark on human trials within the year.