InVivo Therapeutics Holdings Corporation has appointed Mark D. Perrin as its Chief Executive Officer. His first day at work will be Monday January 6th, at which time, Mr. Perrin will also become a member of the company’s Board of Directors.
InVivo Therapeutics is a biomaterials company with unique technologies for drug delivery with a focus on treatment of spinal cord injuries. We followed the trials and tribulations of the company throughout 2013, the highlight being the company’s run-in with the FDA over its pivotal clinical trial. The upshot of that was that the company was suddenly faced with a significantly delayed approval, the agency having demanded that patients were recruited in sequence rather than in parallel. Down went the stock price and out went the CEO and CFO, both being replaced on an interim basis on what we referred to as a game of musical chairs.
So the company will be breathing a sigh of relief, welcoming in the New Year with the appointment of Mark Perrin. The new incumbent most recently served as President of Dennan Consulting, a biotech consulting firm, having served as President and Chief Executive Officer of ConjuChem Biotechnologies from 2005 to 2010.
InVivo Chairman John McCarthy said, “Mark is an excellent fit for InVivo. His extensive commercial background will be invaluable to portfolio decisions for our novel hydrogel technology and our new emphasis on partnering as a primary way to finance new programs. He also has solid experience raising money, which will be important to us as we continue to focus our critical resources on high-value opportunities that maximize long-term value for our shareholders. Importantly, Mark has the integrity, strategic vision and work ethic to take InVivo to the next level.”
Mr. McCarthy added, “I also want to acknowledge the accomplishments of our Interim Chief Executive Officer, Mike Astrue. In August of this year, Mike stepped into a difficult situation on very short notice. He moved our stalled lead clinical program forward at an impressive rate, developed a new business plan designed to reduce risk and increase shareholder value, initiated a series of important business development discussions, and added a first class-team of permanent executives, interim executives, and consultants that has greatly improved management of the company. It’s been a true pleasure working closely with Mike over the past five months, and on behalf of the full Board and employee base, we extend our thanks and appreciation for all his great work.”
Source: InVivo Therapeutics Holdings Corporation, Business Wire