Vivus Chairman Steps Up As Interim InVivo CEO

Following the resignation of Francis M. Reynolds from his positions as chairman, CEO and chief financial officer (CFO), InVivo Therapeutics Holdings Corp.’s board of directors has elected Michael J. Astrue as interim CEO effective immediately. Sean Moran, the company’s director of finance, will serve as acting chief financial officer (CFO). Reynolds’ resignation was due to a medical condition.

“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.”

Astrue is currently the non-executive Chairman of the Board at Vivus Inc., a biopharmaceutical company based in Mountain View, Calif. He comes to InVivo with over a decade of experience in the biopharmaceutical and biotechnology industries, as well as a track record of success with advancing products through the U.S. Food and Drug Administration process. 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. He 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 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 company’s board of directors will conduct a comprehensive search for a permanent CEO over the rest of this year.

InVivo works with polymer platforms to treat paralysis due to spinal cord injuries, and is headquartered in Cambridge, Mass.