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

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

Business Wire

CAMBRIDGE, Mass. -- April 23, 2013

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 InVivo’s Board of Directors. McCarthy has
also been appointed as Chair of the Board’s Audit committee, and has become a
member of the Governance, Nominating and Compensation committee.

“We’ve turned the corner on development and we’re 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, we’re focused on establishing long-term partnerships to bring these
products to market. We spent 2012 building our operations team, and we’ll
spend part of 2013 putting a Board of Directors in place that has extensive
deal making experience on Wall Street,” said Frank Reynolds, InVivo’s 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. InVivo’s 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 InVivo’s 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. McCarthy’s 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 InVivo’s Board of Directors.”

Continued Reynolds, “We’ve built a framework to optimize speed-to-market for
our pipeline of technologies, and we’ll 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. John’s 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 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.

Contact:

Brian Luque, (617) 863-5535
Director, Investor Relations
bluque@invivotherapeutics.com
 
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