A couple of weeks ago we were reporting that InVivo Therapeutics was having to come to terms with the FDA’s decision that patients in its pivotal IDE trial must be treated sequentially. Find that piece here. That would likely add an indefinite amount of time to its potential approval for its spinal cord biopolymer scaffold.
At that time, and yes we know it was only two weeks ago, a chap called Sean Moran had reportedly taken the financial reigns, takingthe post of CFO following the resignation of his predecessor, Frank Reynolds. Now the company has announced that Moran has himself resigned and is leaving with immediate effect, with the CEO Michael Astrue taking on the role until a replacement is appointed.
There’s obviously trouble at t’mill because now InVivo has also cancelled its presentation at the 15th Annual Rodman and Renshaw Healthcare Conference in New York, although that’s probably strategic avoidance of difficult questions and not enough time to change all the optimistic powerpoint slides as much as anything.
Of note, the stock price is currently at $1.50 ish, compared with the $5.50+ it enjoyed about a month ago. That’s what years of delay in getting to your biggest market does for you… not to mention the loss of staff.
Source: Boston Business Journal