CAMBRIDGE, Mass. (December 18, 2012) – 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 Kenneth DiPietro, Executive Vice President Human Resources at Biogen Idec, has joined InVivo’s Board of Directors. DiPietro has also been appointed as Chair of the Board’s Governance, Nominating and Compensation committee.
InVivo has pioneered a new technology platform utilizing a variety of biocompatible polymer-based devices to provide structural support to a damaged spinal cord in order to spare tissue from scarring while improving functional recovery and prognosis after a traumatic spinal cord injury. Today there is no effective treatment for traumatic spinal cord injuries, and the market potential is estimated to exceed $10 billion.
Mr. DiPietro brings 30 years of experience in the human resources field to InVivo’s Board. As a senior executive and respected global business leader, Mr. DiPietro is accomplished at linking human resources functional excellence to the achievement of corporate objectives. He has gained broad cultural transformation, organizational development and corporate re-engineering experience with several Global 500 companies including Biogen, Microsoft, and PepsiCo, Inc.
“We expect that 2013 will be a breakout year for InVivo and that the next six months will mark a major inflection point in our growth,” said Frank Reynolds, InVivo’s Chief Executive Officer. “We have built out strong R&D capabilities in neurotrauma and we’ve completed important manufacturing runs for our final submission to the FDA in early 2013. We’re poised to move our SCI devices into clinical trials and are aggressively developing multiple neurotrauma products for pain, fibrosis, and dural sealing.”
Continued Reynolds, “In 2012, we raised over $23 million including $20 million in a public offering from blue chip institutional investors. We’ve recruited a world-class team of experts in neuroscience and neurosurgery to fill our premier R&D center and our cGMP manufacturing facility. For 2013, we’ll have a unique opportunity to scale InVivo’s biomaterials platform into products beyond spinal cord injury treatments, and solid human resource planning will be at the center of our strategy.
“I am confident that Ken’s talents and abilities will add value to InVivo and our Board by helping the Company manage growth. He’ll help InVivo implement a vision to enhance productivity, while promoting exceptional business performance by framing a human resources agenda and defining strategies. I am very pleased to be able to welcome him to the InVivo team.”
About the Neuro-Spinal Scaffold
Following an acute spinal cord injury, the biodegradable Neuro-Spinal Scaffold is surgically implanted at the epicenter of the wound and acts as a physical substrate for nerve sprouting. Appositional healing to spare spinal cord tissue, decreased post-traumatic cyst formation, and decreased spinal cord tissue pressure have been demonstrated in preclinical models of spinal cord contusion injury. The Neuro-Spinal Scaffold, an investigational device, has received a Humanitarian Use Device designation and is currently being studied in a pilot study for the treatment of complete (AIS A) traumatic acute spinal cord injury.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a pioneering biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The company was founded in 2005 with proprietary technology co-invented by Robert Langer, ScD, Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, MD, who then was at Boston Children’s Hospital and who now is affiliated with Massachusetts General Hospital. In 2011 the company earned the David S. 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
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as “believe,” “anticipate,” “intend,” “estimate,” “will,” “may,” “should,” “expect” and similar expressions, and include statements regarding the enrollment of additional patients in the scaffold pilot study following the reopening of enrollment and its ability to conduct a second pivotal study. Any forward-looking statements contained herein are based on current expectations, and are subject to a number of risks and uncertainties. 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 successfully open additional clinical sites for enrollment and to enroll additional patients; the timing of the Institutional Review Board process; the Company’s ability to obtain FDA approval to commercialize its products; 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 other risks associated with the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies identified and described in more detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended, and its other filings with the SEC, including the Company’s Form 10-Qs and current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.