CAMBRIDGE, Mass. & BOSTON--(BUSINESS WIRE)-- InVivo Therapeutics Holdings Corp. (NVIV), and MassDevelopment announced today that MassDevelopment has awarded InVivo Therapeutics a $2 million loan from its Emerging Technology Fund to help fund the commercialization of InVivo's groundbreaking technologies for the treatment of spinal cord injuries (SCI) and other neurotrauma conditions. InVivo will use the proceeds from this low cost, seven year term loan for general working capital purposes and to purchase equipment for the expansion of manufacturing and research capabilities at its new facility in Cambridge MA. As InVivo's business grows, the Company expects to substantially increase employment in manufacturing, sales, marketing, clinical, and regulatory positions over the next two years. Through its 10-year, $1 billion Life Sciences Initiative, the Patrick-Murray Administration has nurtured our life sciences industry in Massachusetts into a world-leader and a key part of our economic recovery, said Greg Bialecki, the Secretary of Housing and Economic Development and MassDevelopment Board Chair. Continuing to support our innovation economy is a leading focus in the Administrations long-term economic development plan, and we applaud MassDevelopments financing of a vibrant, growing business in Massachusetts. InVivos treatment of spinal cord injuries typifies the Commonwealths highly innovative life sciences companies, said MassDevelopment … Continue reading
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