InVivo Therapeutics named Steven McAllister CFO.
Mr. McAllister has served as InVivo's interim CFO since December 2013. His experience includes:
• Vice President, Finance and Administration for Biomet Spine and Bone Healing Technologies
• Director of Finance for the worldwide spine business at Johnson & Johnson's Medical Device & Diagnostics group
• Director of Finance, Worldwide Operations for Global Orthopedics
"Steve McAllister brings a wealth of experience in financial management. I value the contributions he made during the transitional period and I am please to have him as part of the leadership team," says Mark Perrin, InVivo's CEO.
In May, the company closed its public offering of 12 million shares of common stock and warrants to purchase up an aggregate of 6 million shares of common stock, at a price of $1.15 per share. The company received gross proceeds from the offering of approximately $16.1 million before deducting underwriting discounts and commissions and other estimated offering expenses and assuming no exercise of warrants.
During the first quarter of 2014, the company reported a net loss of approximately $5.1 million. However, the net loss was significantly lower than the first quarter of last year, when it topped $10 million. The company is making important clinical strides, with the second clinical site in its study for the neuro-spinal scaffold for patients with spinal cord injury announced in May. This is the first in-human study of InVivo's investigational device.
The company estimates the worldwide market for acute complete spinal cord injury is more than $500 million and the chronic spinal cord injury market is more than $10 billion.
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