InVivo Therapeutics Holdings Corp. (OTC:NVIV), a pre-revenue medical technology start-up, could end up paying its CEO Frank Reynolds more than $775,000 in salary, benefits and bonuses during 2011.
Reynolds, who founded the company in 2005 in Cambridge, Mass., using technology acquired from Mass. Institute of Technology scientist Robert Langer, will get a27 percent raise added to his base salary, going from $375,000 to $477,000 per year.
Reynolds will also earn a $3,200 monthly stipend for living expenses, benefits totaling nearly $20,000 and a 2011 target bonus of $238,500, which is tied to the “achievement of certain corporate objectives for fiscal year 2011, each of which will entitle him to a corresponding percentage of the target,” according to regulatory documents.
Reynolds’ base salary has jumped 60 percent over the past two years. He’s also the company’s largest private stock holder, owning nearly 30 percent of InVivo’s common stock.
InVivo, which is developing a spinal implant for the treatment of acute spinal chord injuries, went public through a reverse merger in October 2010, netting some $13 million in private placement funding.
The company has never generated any revenues, according to regulatory documents, and has accumulated net losses of $7.4 million since its inception.
InVivo officials have said the company has applied for and hopes to get a nod from the Food & Drug Administration to begin human trials of its regenerative treatment for spinal cord injury this year.