InVivo Therapeutics Announces Appointment of Richard Christopher as Chief Financial Officer & Reports Inducement Grant Under ...
January 14 2019 - 08:00AM
Business Wire
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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