PixarBio pulls out of bid for InVivo Therapeutics
PixarBio Corp (OTCQX: PXRB) yesterday announced that it is withdrawing its offer to acquire fellow USA-based InVivo Therapeutics (Nasdaq: NVIV), citing as reasons for the decision were related to management credibility and competence, corporate governance and intellectual property (IP) control.
Earlier this month it made an unsolicited bid for InVivo in what was a $77 million stock offer, which was later increased to $100 million, to create a new company to solve the opiate crisis and to regenerate chronic spinal cord in humans and finally cure paralysis. InVivo’s shares fell 3.45% to $4.20 by close of trading yesterday, giving it a market capitalization of around $133 million.
The US Securities & Exchange Commission yesterday suspended trading in shares PixarBio of due to possible “manipulative or deceptive activities” and due to questions about the accuracy of claims made by the company in press releases and SEC filings. The watchdog temporarily halted trading in these shares from 9:30 Eastern Monday morning through February 3.
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