The company named finance director Sean Moran as acting CFO, effective immediately, and appointed outsider Michael Astrue its interim CEO. Astrue was previously interim CEO of Epix Pharmaceuticals and he’s currently serving as the non-executive chairman of the board for biopharmaceutical company Vivus Inc.
InVivo offered Reynolds a fond farewell, welcoming Astrue and promising to conduct a thorough search for a new CEO during the remainder of this year.
"We thank Frank Reynolds for his work in bringing InVivo to this point in its development," InVivo board governance, nominating & compensation committee chairman said in prepared remarks.
"We thank Frank Reynolds for his work in bringing InVivo to this point in its development," InVivo director Sir Richard Roberts added.
The device maker noted that its scientific and technical team plans to remain hard at work, including its "internationally recognized leaders" such as MIT professor and bioengineering legend Robert Langer.
"The science, engineering and clinical work at InVivo have been outstanding and will continue to be outstanding with the team we have in place at InVivo," Langer said.
Shares nonetheless dropped in after-hours trading, down 2.1% after closing at $4.13 last night.