CAMBRIDGE, Mass.--(BUSINESS WIRE)-- InVivo Therapeutics (OTCBB:NVIV.ob - News), a company focused on the development of groundbreaking technologies for the treatment of spinal cord injuries (SCI), today announced that the company’s Board of Directors has appointed George Nolen, former President and CEO of Siemens Corporation and a Director of InVivo, to the position of Lead Director, effective December 10, 2010. As Lead Director, Mr. Nolen will provide independent leadership for the Board, assist the Board in the execution of its duties and responsibilities and act as an ex-officio member of each board committee. Mr. Nolen was appointed Director to the InVivo Board of Directors on December 11, 2009. Frank Reynolds, CEO of InVivo, currently serves as the Chairman of the Board.
“InVivo Therapeutics’ technology holds the potential to revolutionize the treatment for spinal cord injuries,” said Mr. Nolen. “The company has great momentum behind it and continues to execute on its strategy, including the recent, successful completion of a reverse merger and financing, as well as the launch of its manufacturing facility. I look forward to enhancing my governance and guidance responsibilities to the company as Lead Director during this exciting time.”
“I have benefitted from George’s guidance for many years, both at Siemens and now as CEO of InVivo, and it gives me great pleasure to see him assume the role of Lead Director during this important period in InVivo’s development,” said Frank Reynolds, CEO of InVivo Therapeutics. “George’s extensive management experience will continue to provide value to InVivo, and we thank him for his stewardship.”
Mr. Nolen is the former President and Chief Executive Officer of Siemens Corporation, the U.S. subsidiary of Siemens, AG, a global leader in industry, energy and healthcare. He served in a number of positions during his 26 year career with Siemens, becoming the first American to run the company’s U.S. operations in January 2004. By 2009, He was responsible for 69,000 employees and $22 billion in revenue.
Mr. Nolen oversaw more than $17 billion in strategic acquisitions in the energy, healthcare, and industrial sectors for Siemens USA, positioning the company as a leading U.S. and global player in these key industries. Prior to his role as Siemens USA’s CEO, he served as President of Siemens’ Information and Communications division, overseeing this $2 billion business from 1998 to 2004.
As CEO, Mr. Nolen was active in the Business Roundtable, the Executive Committee of the U.S. Chamber of Commerce, and as a director on the Board of the New York Hall of Science. Currently, he serves on the Advisory Board of Madison Capital Partners and is Rector of the Board of Visitors at Virginia Tech University, where he is an alumnus.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a Cambridge, MA medical device company focused on utilizing polymers as a platform technology to develop treatments to improve function in individuals paralyzed as a result of traumatic spinal cord injury. The company was founded in 2005 on the basis of proprietary technology co-invented by Robert Langer, ScD, Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, MD, who is affiliated with Massachusetts General Hospital in Boston. For more information on InVivo Therapeutics, please visit www.invivotherapeutics.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein 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 sell additional shares of common stock and warrants to purchase common stock at additional closings, 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 filings with the SEC, including, our current reports on Form 8-K. We do not undertake to update these forward-looking statements made by us.
