InVivo Therapeutics Holdings Corp., a company developing technologies for the treatment of spinal cord injuries and neurotrauma, made public a letter to its shareholders Friday that sought to reassure them about InVivo’s falling stock price in recent weeks.
“We are disappointed with our recent stock price performance,” chief executive Frank Reynolds wrote in the letter. “The 50 percent decline since the end of August 2012 is unwarranted and seems to have been driven by unsubstantiated Internet rumors. We believe our stock is undervalued and has significant near-term catalysts that should drive valuation.”
InVivo stock was trading Friday morning at about $1.65 a share.
The letter opened with Reynolds noting: “InVivo has been making excellent progress in the past months, and we are firing on all cylinders. I wanted to use this letter as a forum to provide an important update on how we are using InVivo’s resources to create and capture shareholder value. We expect the next six months to mark a major inflection point in our growth. The FDA has not put up any roadblocks or requested additional information that will delay the start of the study for the use of our biopolymer scaffolding to treat spinal cord injuries.”
To read the company’s full letter, please click here.
InVivo recently held a ribbon cutting ceremony for the its new headquarters office at One Kendall Square in Cambridge.
The new quarters will house company’s office, manufacturing, and lab space in a 21,000-square-foot facility, InVivo said. The company’s roughly 35 employees were previously located at several small offices, including offices at the Cambridge Innovation Center. At the new office, all the company’s employees will be consolidated under one roof, a company spokeswoman said.
The company was founded in 2005 based on proprietary technology co-invented by Robert S. Langer, a professor at the Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who is affiliated with Massachusetts General Hospital.Chris Reidy can be reached at email@example.com.