InVivo Therapeutics Announces Change in Leadership

  InVivo Therapeutics Announces Change in Leadership

     Francis M. Reynolds Resigns; Michael J. Astrue Appointed Interim CEO

Business Wire

CAMBRIDGE, Mass. -- August 22, 2013

The Board of Directors of InVivo Therapeutics Holdings Corp. (OTCBB: NVIV)
today announced that Francis M. Reynolds has resigned from his positions as
Chairman, CEO and CFO of the company due to his medical condition. The Board
has appointed Michael J. Astrue as interim CEO and Sean Moran, the company’s
Director of Finance, as acting CFO, effective immediately.

“We thank Frank Reynolds for his work in bringing InVivo to this point in its
development,” said Ken DiPietro, InVivo Director and Chairman of the Board’s
Governance, Nominating and Compensation Committee. “We are fortunate that
Michael Astrue has agreed to join InVivo as interim CEO, bringing his
extensive experience in the biopharmaceutical and biotechnology industries to
bear on the company’s important scientific and business growth plans.”

InVivo’s scientific and technical team remains dedicated to continuing its
progress on developing groundbreaking technologies for the treatment of spinal
cord injuries. The team is led by Brian Hess, the company’s Chief Technology
Officer, together with a number of internationally recognized leaders in their
respective fields, including Robert Langer, Sc.D., co-Founder of InVivo,
member of the InVivo Scientific Advisory Board, a world renowned inventor and
the David H. Koch Institute Professor at the Massachusetts Institute of
Technology; Dr. Eric Woodard, a prominent Boston neurosurgeon and Chief of the
Neurosurgery Department at New England Baptist Hospital; and Dr. Jonathan
Slotkin, a clinical neurosurgeon and research scientist and director of spinal
surgery and spinal cord research at Geisinger Health System’s Neurosciences
Institute. Dr. Langer stated “The science, engineering and clinical work at
InVivo have been outstanding and will continue to be outstanding with the team
we have in place at InVivo.”

Mr. Astrue is currently the non-executive Chairman of the Board at Vivus,
Inc., a Nasdaq-listed biopharmaceutical company. He comes to InVivo with over
a decade of experience in the biopharmaceutical and biotechnology industries,
as well as a proven track record of success with advancing products through
the FDA process. Mr. Astrue served as the interim CEO of Epix Pharmaceuticals,
Inc. from 2005 to 2006 and previously served as the President and CEO of
Transkaryotic Therapies, Inc. from 2003 to 2005. Mr. Astrue has also served in
a number of government positions, including as Commissioner of the Social
Security Administration from 2007 to 2013.

“We believe that Michael’s extensive industry expertise, as well as his
leadership abilities, position him strongly to lead InVivo during this
important transition,” said Sir Richard Roberts, Ph.D., InVivo Director and
Nobel Laureate in Medicine and Physiology. “The Board has full confidence that
Mr. Astrue will provide excellent leadership to a talented team and focus the
company on its goals of advancing scientific and clinical progress towards
commercialization of groundbreaking technologies for spinal cord injuries.”

The Board of Directors plans to conduct a comprehensive search for a permanent
CEO over the balance of this year.

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. In 2011, the company earned the
prestigious David F. Apple Award from the American Spinal Injury Association
for its outstanding contribution to spinal cord injury medicine. The publicly
traded company (stock symbol NVIV) 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 those relating to
the search for and appointment of a permanent CEO. These forward-looking
statements are based on current expectations, but are subject to a number of
risks and uncertainties. These factors could cause actual future results to
differ materially from current expectations and include risks and
uncertainties relating to the Company’s ability to execute its strategy,
regulatory approval of the Company’s products, market acceptance of the
Company’s products, and other factors identified and described in more detail
in our Annual Report on Form 10-K for the year ended December 31, 2012 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:

Rasky Baerlein Strategic Communications
Harry-Jacques Pierre, 617-391-9635
hpierre@rasky.com
or
Rasky Baerlein Strategic Communications
Justine Griffin, 617-391-9638
617-510-1087 Cell
jgriffin@rasky.com
 
Press spacebar to pause and continue. Press esc to stop.