InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) Appoints Interim CFO
Today InVivo Therapeutics Holdings Corp. (OTCBB:NVIV) published news that a new interim CFO has been appointed. The management spot will be temporarily filled by Mr. Gregory D. Perry.
The company was somewhat troubled by its latest personnel switchups including top-level figures. NVIV‘s former CEO and CFO, Mr. Frank Reynolds, resigned from both positions in late August due to unspecified “health concerns”. The resignation of Mr. Sean Moran who took up the CFO spot was also announced last Monday, which triggered a few further aftershocks in the stock price.
NVIV‘s new interim CFO last served as executive VP as well as CFO over at Immunogen, Inc. over his four-year tenure and has previous experience with companies working in the medical and biotech sector. He is also currently on the board of directors of Advanced Cell Technology, Inc. (OTCBB:ACTC) – another OTC-tier pharma enterprise.
The addition of an executive who comes fresh off a NASDAQ-listed company will probably help NVIV cope better with the current managerial turmoil and will calm the spirits a little. The stock originally tumbled due to the news that NVIV‘s flagship product will be considerably delayed due to FDA requirements for the human trials. Last week’s management shuffle interrupted an attempt to reclaim ground up the charts.
Yesterday NVIV closed 6% down. It remains to be seen whether the addition of Mr. Perry to the executive roster of the company will help the stock shift back in higher gear. NVIV is currently trading 4% up in the early session.
Other big movers in Monday’s market included Globalstar, Inc. (OTCMKTS:GSAT) who managed a 12% green close. Liberator Medical Holdings, Inc. (OTCBB:LBMH) ended the last session nearly 7% up and kept climbing past the $2 mark, remaining among the top dollar volume stocks for the session.