InVivo Therapeutics' stock is heating up as the company begins to launch the Neuro-Spinal Scaffold trial at more sites across the United States, according to a Microcap Daily report.
The company announced Froedtert & the Medical College of Wisconsin Froedtert Hospital in Milwaukee as its most recent clinical site in February. The investigational device exemption pilot study examines InVivo's device for treating spinal cord injury patients.
Here are five quick things to know about InVivo's stock:
• The stock recently surpassed $3 on record-breaking volume
• Volume has accelerated over the past few months, with $0.4651 being a low in November 2014
• InVivo went from being illiquid to one of the top traded stocks on the exchange
• The FDA cleared Neuro-Spinal Scaffold recently to expedite trial enrollment
• The former CEO aggressively sold his shares prior to the company's success — he is being sued by the company for breach of fiduciary duties
The former CEO, Frank Reynolds, has filed a counterclaim against InVivo alleging the breach of contract and breach of the covenant of good faith and fair dealing, and "tortuous interference with a contract."