The National Spinal Cord Injury Statistical Center predicts that there will be 12,000 new cases of spinal cord injury each year. As of this year, there are about 270,000 people in the United States who are living with spinal cord injury. Spinal cord injuries can be caused in many ways, including assault, falls, gunshot wounds, industrial accidents, motor vehicle accidents, and playing sports. The commonwealth of Massachusetts understands the severity of a spinal cord injuries and is providing ongoing assistance to InVivo Therapeutics Holdings Corp. (“InVivo”), a company that has been developing technologies for the treatment of spinal cord injuries.
According to InVivo’s CEO, the commonwealth of Massachusetts first helped InVivo in 2009 by granting a $500,000 loan from the Massachusetts Life Sciences Center. Massachusetts also has an Emerging Technology Fund (ETF), which “targets technology companies that are starting up or expanding manufacturing in Massachusetts by providing financing for manufacturing facilities and equipment.” With the assistance of the ETF, InVivo entered into a loan agreement with the Massachusetts Development Finance Agency (“MassDev”) on October 5, 2012 for two million dollars. MassDev helps businesses and agencies financially to create jobs as well as positively affect other factors of the state’s economy. Now, this seven-year loan will be used to “purchase equipment for the expansion of manufacturing and research capabilities at its new facility in Cambridge.”
As of 2009, InVivo was a small based company with five employees and a great mission – to find effective treatments for spinal cord injuries. Spinal cord injuries most occur in young adults and can amount to bleeding, fluid buildup, and swelling inside or outside the spinal cord. Besides the obvious back pain, patients have complained of loss of bowel and bladder control, numbness, sensory changes, and weakness. InVivo has created innovative treatments for these injuries and symptoms by using growth factors, biomaterials, stem cells, and drugs approved by the U.S. Food & Drug Administration. Now, with over 30 employees, this company continues its mission through its own growth and development with the help of MassDev’s loan.
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