InVivo, PixarBio deal
PixarBio proposed to acquire InVivo for $100 million in stock. The combined company would be renamed Reynolds Therapeutics Corp. and focus on pain, spinal cord injury, adaptive technologies, epilepsy and Parkinson's disease. According to PixarBio, InVivo does not hold patent rights that would allow them to commercialize InVivo's Neuro-spinal scaffold. PixarBio claims the rights are owned by Frank Reynolds, current PixarBio CEO and former CEO of InVivo.
InVivo said it was unaware of the bid and claimed that Reynolds is not an inventor to patents relating to Neuro-spinal scaffold. Following InVivo's statement, Reynolds claims he owns the trademark for the Neuroscaffold, but InVivo created a new trademark under its current name after Reynolds left the company. PixarBio increased its offer to $100 million from $77 million, based on the contingency that InVivo make personnel changes to its executive team and board of directors. The Neuro-spinal scaffold, a biocompatible polymer scaffolding device, is in a pivotal trial to treat patients with spinal cord injury...