InVivo Therapeutics Announces Appointment of Richard Christopher as Chief Financial Officer and Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
InVivo Therapeutics Holdings Corp. (Nasdaq:NVIV), a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries (SCIs), today announces the appointment of Richard Christopher as its Chief Financial Officer and Treasurer, effective January 14, 2019.
Prior to joining InVivo, Mr. Christopher was the Chief Financial Officer of iCAD, Inc., a Nasdaq-listed company with a focus on therapies and solutions for the early identification and treatment of cancer. Prior to iCAD, Inc., Mr. Christopher was Chief Financial Officer and Chief Operating Officer of Caliber Imaging & Diagnostics, Inc., a medical technology company focused on cancer detection imaging solutions, with primary applications in dermatology. Prior to Caliber, Mr. Christopher held various positions of increasing responsibility at DUSA Pharmaceuticals, Inc., a Nasdaq-listed dermatology company focused on the treatment of precancerous skin lesions, where he ultimately served as Chief Financial Officer through its acquisition and integration into Sun Pharmaceuticals Industries Ltd. Mr. Christopher holds a Master of Science in Accounting from Suffolk University and a Bachelor of Science in Finance from Bentley University.
Richard Toselli, M.D., InVivo’s President and Chief Executive Officer said, “Rich’s more than 25 years of invaluable financial experience, including at various publicly traded life science companies, make him a key asset in the navigation of InVivo’s goals. He has a proven track record in diverse financial management, financing transactions and strategic planning, and most significantly, Rich shares a passion for bringing treatments and therapies to patients in areas of unmet need. On behalf of the Board and Management, we welcome Rich to the InVivo team.”
“It is an exciting time to join InVivo, especially during a transformative and pivotal stage in the company’s development. I look forward to working with the InVivo Board of Directors and Management Team to drive its mission of helping this underserved patient population and bringing value to shareholders,” stated Mr. Christopher.
Inducement Grant under Nasdaq Listing Rule 5635(c)(4)
In connection with the appointment of Mr. Christopher and in accordance with the terms of an employment agreement between Mr. Christopher and the company, the Board granted to Mr. Christopher a stock option to purchase up to 90,000 shares of InVivo’s common stock, vesting over three years, with one-third (1/3) of the shares underlying the stock option vesting on the first anniversary of Mr. Christopher’s start date with the company, one-third (1/3) vesting on the second anniversary of Mr. Christopher’s start date, and the remaining one-third (1/3) vesting on the third anniversary of Mr. Christopher’s start date, subject to Mr. Christopher’s continued employment by the company on each vesting date. The vesting of the option is subject to acceleration upon the termination of Mr. Christopher’s employment by the Company without cause or by Mr. Christopher for good reason within twelve months following a change of control. The option was granted effective January 14, 2019 as an inducement material to Mr. Christopher’s acceptance of employment with InVivo, in accordance with NASDAQ Listing Rule 5635(c)(4). The option has an exercise price per share equal to the closing price of a share of Common Stock on the Nasdaq Capital Market on January 14, 2019.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a research and clinical-stage 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, Sc.D., Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital and who now is affiliated with Massachusetts General Hospital. In January 2018, the company announced updated clinical evidence, including improvements in patients with acute spinal cord injury (SCI), from its INSPIRE study of the Neuro-Spinal Scaffold™. The publicly traded company is headquartered in Cambridge, MA.
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