InVivo gets another interim CFO
This article was originally published in Clinica
Executive Summary
Troubled InVivo Therapeutics has named Steven McAllister interim CEO – making him the third person to head up its finance division in the last three months. The problems for the firm began in August when it revealed it was delaying its first-in-human trials of its biopolymer scaffold in acute spinal cord injury (SCI) until the first quarter of 2014, causing its share price to plunge 40%; two weeks later, former CFO Sean Moran quit abruptly and the company cancelled plans to present at an analyst meeting. The company named Gregory Perry interim CEO a week later – who is now leaving on 30 December to become chief financial and business officer of another, unnamed “local biotechnology company.” New interim CFO Mr McAllister has an impressive medtech pedigree, having served as vice-president of finance and administration for Biomet from 2007 to 2013; before this he worked for another orthopedic company, DePuy, from 1999 to 2007 in various roles including director of finance, worldwide operations.