InVivo Therapeutics Holdings plunged to an all-time low on Thursday after the biotechnology company filed for chapter 11 bankruptcy, MarketWatch.com reported. Shares of the Burlington, Mass., company were recently changing hands at 33.4 cents, down 48%, after touching a record low of 24 cents early in the session. InVivo, which last year threw in the towel on its sole product candidate after disappointing study results, said it filed for bankruptcy after considering all strategic alternatives. The company said that it plans to seek court approval for a potential sale of its assets.
