InVivo Therapeutics Announces Change in Leadership
Francis M. Reynolds Resigns; Michael J. Astrue Appointed Interim CEO
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- The Board of Directors of InVivo Therapeutics Holdings Corp. (OTCBB: NVIV) today announced that Francis M. Reynolds has resigned from his positions as Chairman, CEO and CFO of the company due to his medical condition. The Board has appointed Michael J. Astrue as interim CEO and Sean Moran, the company's Director of Finance, as acting CFO, effective immediately.
"We thank Frank Reynolds for his work in bringing InVivo to this point in its development," said Ken DiPietro, InVivo Director and Chairman of the Board's Governance, Nominating and Compensation Committee. "We are fortunate that Michael Astrue has agreed to join InVivo as interim CEO, bringing his extensive experience in the biopharmaceutical and biotechnology industries to bear on the company's important scientific and business growth plans."
InVivo's scientific and technical team remains dedicated to continuing its progress on developing groundbreaking technologies for the treatment of spinal cord injuries. The team is led by Brian Hess, the company's Chief Technology Officer, together with a number of internationally recognized leaders in their respective fields, including Robert Langer, Sc.D., co-Founder of InVivo, member of the InVivo Scientific Advisory Board, a world renowned inventor and the David H. Koch Institute Professor at the Massachusetts Institute of Technology; Dr. Eric Woodard, a prominent Boston neurosurgeon and Chief of the Neurosurgery Department at New England Baptist Hospital; and Dr. Jonathan Slotkin, a clinical neurosurgeon and research scientist and director of spinal surgery and spinal cord research at Geisinger Health System's Neurosciences Institute. Dr. Langer stated "The science, engineering and clinical work at InVivo have been outstanding and will continue to be outstanding with the team we have in place at InVivo."
Mr. Astrue is currently the non-executive Chairman of the Board at Vivus, Inc., a Nasdaq-listed biopharmaceutical company. He comes to InVivo with over a decade of experience in the biopharmaceutical and biotechnology industries, as well as a proven track record of success with advancing products through the FDA process. Mr. Astrue served as the interim CEO of Epix Pharmaceuticals, Inc. from 2005 to 2006 and previously served as the President and CEO of Transkaryotic Therapies, Inc. from 2003 to 2005. Mr. Astrue has also served in a number of government positions, including as Commissioner of the Social Security Administration from 2007 to 2013.
"We believe that Michael's extensive industry expertise, as well as his leadership abilities, position him strongly to lead InVivo during this important transition," said Sir Richard Roberts, Ph.D., InVivo Director and Nobel Laureate in Medicine and Physiology. "The Board has full confidence that Mr. Astrue will provide excellent leadership to a talented team and focus the company on its goals of advancing scientific and clinical progress towards commercialization of groundbreaking technologies for spinal cord injuries."
The Board of Directors plans to conduct a comprehensive search for a permanent CEO over the balance of this year.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is utilizing polymers as a platform technology to develop treatments to improve function in individuals paralyzed from traumatic spinal cord injuries. In 2011, the company earned the prestigious David F. Apple Award from the American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine. The publicly traded company (stock symbol NVIV) is headquartered in Cambridge, MA. For more details, visit www.invivotherapeutics.com.
Safe Harbor Statement
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, and the Company intends that such statements are subject to the safe harbor created thereby. These statements include those relating to the search for and appointment of a permanent CEO. These forward-looking statements are based on current expectations, but are subject to a number of risks and uncertainties. These factors could cause actual future results to differ materially from current expectations and include risks and uncertainties relating to the Company's ability to execute its strategy, regulatory approval of the Company's products, market acceptance of the Company's products, and other factors identified and described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent filings with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.
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