InVivo Therapeutics (OTC:NVIV) shares plunged some 22% today after the medical device company reported that its interim CFO, appointed 2 weeks ago after the sudden departure of CEO & CFO Frank Reynolds, had resigned effective immediately.

NVIV shares were trading at $1.61 each as of about 3:20 p.m. today, down 21.5%. Cambridge, Mass.-based InVivo’s shares plunged some 28% August 27, days after Reynolds’ departure, when it said the timeline for clinical trials of its spinal cord injury treatment would be delayed for years.

Moran’s departure also means that InVivo will not present at the Rodman & Renshaw Healthcare Conference as planned today, according to a press release.

"The company is actively engaged in a search for a replacement.  In the meantime, the interim CEO, Michael Astrue, will serve as principal financial officer until a replacement is named," according to the release. "Board member John McCarthy Jr. has been appointed as non-executive chairman of the board. In addition, board member Kenneth DiPietro has been appointed as a member of the board’s Audit Committee."

Founder Reynolds stepped down August 22 due to a "medical condition," prompting InVivo to tap Moran as interim CFO and Astrue for the corner office. Reynolds’ departure sent NVIV shares down nearly 28%, to a $2.98 close August 23.

Four days later the company said the terms of its FDA investigational device exemption require each patient to be followed for 3 months and win agency approval before enrolling the next, meaning it will take InVivo an estimated 21 months to enroll its 5 patients.

Share plunged another 50% after the August 27 trial news, dropping to a close of $1.71 apiece August 28. Prices had rebounded to $2.05 per share as of yesterday, ahead of the surprise news of Moran’s departure. No reason was given for the interim CFO’s departure.