InVivo Therapeutics Holdings Corp’s (OTCQB: NVIV) share volume surged on May 2nd, with 576,415 shares exchanging hands, more than three times more than its three month average of 165,982 shares per day.
This uptick in volume comes at the heels of the announcement by NVIV that it has begun shipment of its innovative investigational device, a degradable polymer Neuro-Spinal Scaffold for spinal cord injury (SCI) patients, for initiation of the company’s first clinical trial.
InVivo has pioneered a new treatment platform utilizing a biocompatible polymer-based device that is intended to promote structural support for spinal cord regeneration while improving functional recovery and prognosis after a traumatic SCI. In preclinical studies, the Neuro-Spinal Scaffold promoted cell adhesion, neurite sprouting, the growth of remodeled spinal cord tissue containing myelinated axons, and improved motor function. There currently is no effective treatment for paralysis caused by SCI.
The company estimates the worldwide market for treating acute complete SCI to be over $500 million annually, and the chronic SCI market to be over $10 billion. This is the first in-human trial of InVivo’s novel investigational device, a critical step in addressing a major unmet need for patients with SCI.
NVIV closed at $1.92 on May 2nd, down $.27 (12.33%) from its previous close of $2.19.
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Elite Pharmaceuticals Inc. (OTCQB: ELTP), a specialty pharmaceutical company principally engaging in the research, development, and licensing of proprietary controlled-release drug delivery systems and products, saw its stock volume continue to stay strong with 1,398,182 shares trading hands on May 2nd.
With no recent news on the company, let’s take a look at what they do:
Elite Pharmaceuticals, Inc. develops oral sustained and controlled release products. Elite's strategy includes assisting partner companies in the life cycle management of products to improve off-patent drug products and developing generic versions of controlled release drug products with high barriers to entry. Elite has seven commercial products currently being sold, twelve additional approved products pending manufacturing site transfer and two additional products under review pending approval by the FDA.
Elite’s lead pipeline products include abuse resistant opioids utilizing the Company’s patented proprietary technology, and a once-daily opioid. They are sustained release oral formulations of opioids for the treatment of chronic pain, which address two of the limitations of existing oral opioids: the provision of consistent relief of baseline pain levels and deterrence of potential abuse.
Elite also provides contract manufacturing for Ascend Laboratories (a subsidiary of Alkem Laboratories Ltd.) and has partnered with Epic Pharma for the manufacturing and distribution of eleven approved products pending manufacturing site, with Hi-Tech Pharmacal to develop an intermediate for a generic product, and a Hong Kong based company to develop a branded product for the United States market and its territories. Elite operates a GMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
The stock closed at $.433, down $.027 (5.87%) from its previous close of $.46.
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Cannabis Science, Inc.’s (OTCQB: CBIS) saw it’s stock volume stay strong with 5,131,045 shares exchanging hands on May 2nd.
This continuation of heavy volume comes after the Company announced a joint observational study with the MEDIWIET Patient Organization earlier last week. MEDIWIET is a rapidly growing Dutch organization of patients using medicinal cannabis based medication.
"We are excited to initiate work on the observational clinical study with patients who use medicinal cannabis. The long-term effects of using medicinal cannabis continue to be a subject of an ongoing debate. It is very important that we provide further scientific evidence for the benefit of patients and medical professionals alike," stated Mr. Mario Lap, President of European Operations and Director of Cannabis Science B.V.
CBIS closed at $.0858, down $.0042 (4.67%) from its previous close of $.09.
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