Citing health reasons, InVivo Therapeutics' (OTCBB: NVIV) Francis M. Reynolds is resigning from all three of his positions: chairman, chief executive officer, and chief financial officer.
On Thursday, InVivo announced that the company's board of directors has named Director of Finance Sean Moran to serve as acting CFO and brought in Michael J. Astrue to serve as its interim CEO. Moran has been with the company for nearly three years and served as the CFO of biotech company Celsion for two years before that.
Astrue is currently the non-executive chairman of the board at biotech company Vivus. In a statement explaining why it chose him to run things until a new CEO is chosen, InVivo's board noted that Astrue brings the company "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, from 2005 to 2006 and previously served as the President and CEO of Transkaryotic Therapies, from 2003 to 2005."
In an SEC filing, InVivo advised that it will be paying Astrue an annual salary of $480,000, plus a bonus of 50% of his total salary at the time his service as interim CEO concludes.
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