InVivo Enters Commercialization Phase, Adds John A. McCarthy to 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 John A. McCarthy, Chief Executive Officer at CryoXtract, has joined InVivos Board of Directors. McCarthy has also been appointed as Chair of the Boards Audit committee, and has become a member of the Governance, Nominating and Compensation committee.

Weve turned the corner on development and were full steam ahead on commercialization for multiple products. We expect that two 510(k) neurological devices will enter the market by the end of 2014. In the near-term, were focused on establishing long-term partnerships to bring these products to market. We spent 2012 building our operations team, and well spend part of 2013 putting a Board of Directors in place that has extensive deal making experience on Wall Street, said Frank Reynolds, InVivos Chief Executive Officer.

InVivo has pioneered a neurological technology platform utilizing a variety of biocompatible polymer-based devices to provide structural support to damaged nervous system tissue in order to spare tissue from scarring while improving functional recovery and prognosis after a traumatic injury. InVivos first product for acute spinal cord injury will begin human studies in the coming months. Today there is no effective treatment for traumatic spinal cord injuries, and the market potential is estimated to exceed $15 billion.

Mr. McCarthy brings more than thirty years of experience building high-value, commercially driven organizations to InVivos Board. He has led the transformational growth of numerous science- and technology-based companies from early-stage organizations into successful commercial entities, in both private and public markets. Mr. McCarthys track record includes successfully raising more than $1.2 billion across the capital markets, including three Initial Public Offerings (IPOs) and numerous precedent-setting strategic corporate partnerships.

Prior to his role of Chief Executive Officer at CryoXtract, Mr. McCarthy held the positions of Chief Financial Officer (CFO) at Exact Sciences, CFO at MedChem Products, and CFO at Concentra Managed Care, Inc. Additional executive experience includes financial positions at Microbia Inc., Verenium Corporation, and Synta Pharmaceuticals. Mr. McCarthy is a member of the Board of Governors and the Harvard Business School Alumni Association of Boston.

These are very exciting times, said Reynolds. The recent FDA approval to begin human studies utilizing our biopolymer scaffold product and the receipt of the Humanitarian Use Device (HUD) designation have provided great excitement for both InVivo and SCI patients. After years of preparation, we now have the infrastructure, financial resources and the world-class team of experts in neuroscience and neurosurgery in place for this new phase of growth. It is no coincidence that I have invited an accomplished entrepreneur with deep expertise in product commercialization to join our Board at this time. I am very pleased to welcome John to InVivos Board of Directors.

Continued Reynolds, Weve built a framework to optimize speed-to-market for our pipeline of technologies, and well be working to commercialize over fifteen products in the next five years while remaining focused on mitigating patient risk and maximizing patient safety and benefit. Johns experience and insight will be invaluable for InVivo on this mission.

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 http://www.invivotherapeutics.com.

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InVivo Enters Commercialization Phase, Adds John A. McCarthy to Board of Directors