CAMBRIDGE, Mass.--(BUSINESS WIRE)--InVivo Therapeutics Holdings Corp. (NVIV), a developer of groundbreaking technologies for the treatment of spinal cord injuries (SCI) and other neurotrauma conditions, today announced that John A. McCarthy, Chief Executive Officer at CryoXtract, has joined InVivo’s Board of Directors. McCarthy has also been appointed as Chair of the Board’s Audit committee, and has become a member of the Governance, Nominating and Compensation committee.
“We’ve turned the corner on development and we’re full steam ahead on commercialization for multiple products. We expect that two 510(k) neurological devices will enter the market by the end of 2014. In the near-term, we’re focused on establishing long-term partnerships to bring these products to market. We spent 2012 building our operations team, and we’ll spend part of 2013 putting a Board of Directors in place that has extensive deal making experience on Wall Street,” said Frank Reynolds, InVivo’s Chief Executive Officer.
InVivo has pioneered a neurological technology platform utilizing a variety of biocompatible polymer-based devices to provide structural support to damaged nervous system tissue in order to spare tissue from scarring while improving functional recovery and prognosis after a traumatic injury. InVivo’s first product for acute spinal cord injury will begin human studies in the coming months. Today there is no effective treatment for traumatic spinal cord injuries, and the market potential is estimated to exceed $15 billion.
Mr. McCarthy brings more than thirty years of experience building high-value, commercially driven organizations to InVivo’s Board. He has led the transformational growth of numerous science- and technology-based companies from early-stage organizations into successful commercial entities, in both private and public markets. Mr. McCarthy’s track record includes successfully raising more than $1.2 billion across the capital markets, including three Initial Public Offerings (IPOs) and numerous precedent-setting strategic corporate partnerships.
Prior to his role of Chief Executive Officer at CryoXtract, Mr. McCarthy held the positions of Chief Financial Officer (CFO) at Exact Sciences, CFO at MedChem Products, and CFO at Concentra Managed Care, Inc. Additional executive experience includes financial positions at Microbia Inc., Verenium Corporation, and Synta Pharmaceuticals. Mr. McCarthy is a member of the Board of Governors and the Harvard Business School Alumni Association of Boston.
“These are very exciting times,” said Reynolds. “The recent FDA approval to begin human studies utilizing our biopolymer scaffold product and the receipt of the Humanitarian Use Device (HUD) designation have provided great excitement for both InVivo and SCI patients. After years of preparation, we now have the infrastructure, financial resources and the world-class team of experts in neuroscience and neurosurgery in place for this new phase of growth. It is no coincidence that I have invited an accomplished entrepreneur with deep expertise in product commercialization to join our Board at this time. I am very pleased to welcome John to InVivo’s Board of Directors.”
Continued Reynolds, “We’ve built a framework to optimize speed-to-market for our pipeline of technologies, and we’ll be working to commercialize over fifteen products in the next five years while remaining focused on mitigating patient risk and maximizing patient safety and benefit. John’s experience and insight will be invaluable for InVivo on this mission.”
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. The company was founded in 2005 based on proprietary technology co-invented by Robert S. Langer, ScD. Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who is affiliated with Massachusetts General Hospital. In 2011, the company earned the prestigious 2011 David F. Apple Award from the American Spinal Injury Association for its outstanding contribution to spinal cord injury medicine. The publicly traded company 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, but are not limited to, those relating to the expected approval of the FDA to conduct human clinical trials for the Company’s products, the expected commencement date of any approved human clinical trials, the expected size of the pilot study, the expectation that the scaffold product will be regulated under a HDE pathway, and the expected acceleration of commercialization of the Company’s products resulting therefrom. These forward-looking statements are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to obtain FDA approval to conduct human clinical trials; whether the human clinical trials produce acceptable results; the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology in connection with spinal cord injuries; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2011 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.