He Says, She Says –PixarBio and Invivo Therapuetics Send Mixed Messages About Buy-Out

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In Massachusetts, PixarBio said they offered Invivo Therapeutics $77 million in a take-over bid, but Invivo Therapeutics said that’s news to them. After Invivo said there was no bid, PixarBio responded again in a public statement saying it is true and not only that, but they are raising their bid to $100 million to buy out Invivo on the condition that Richard Roberts and Ken DiPietro resign from the Board and Mark Perin resign as Invivo’s CEO.

There is also disagreement among the two companies over who owns the patents to their Neuro-Spinal Scaffold. Invivo says Frank Reynolds (Invivo founder and former CEO) does not hold any patents to it, but PixarBio says Reynolds invented the Neuroscaffold while he was Invivo’s CEO and holds the patents to it, though Invivo has since trademarked it under a different name. So who’s right and will PixarBio buy-out Invivo? That remains to be seen.