Biogen Executive Kenneth DiPietro Joins InVivo Therapeutics Board of Directors
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 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 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.
InVivo Therapeutics Holdings Corp.
Lauren Mitarotondo, 617-863-5510
KEYWORDS: United States North America Massachusetts
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