InVivo Therapeutics Appoints New CEO Amidst 3% Share Price Surge

InVivo Therapeutics Holdings (NASDAQ:NVIV) has appointed Chief Medical Officer Richard Toselli as acting CEO, replacing Mark Perrin who resigned. Perrin will serve as a consultant for six months. Shares rose 3% on the news.

Biomerica, Inc. (NASDAQ: BMRA) has seen significant changes in its leadership, with Ms. Cathy Coste stepping down from the Board of Directors and Mr. Eric Chin being appointed as an independent member of the Board. The appointment of Mr. Chin, who serves as the Chief Financial Officer of Akido Labs, was announced in a press release on June 6, 2025 [1].

Mr. Chin, who is a Certified Public Accountant with extensive experience in finance and accounting, will serve as the Chairperson of the Audit Committee and a member of the Nominating and Corporate Governance Committee and Compensation Committee. His appointment was made effective immediately, filling the vacancy left by Ms. Coste's resignation. Ms. Coste's departure was not due to any disagreement with the Company's operations, policies, or practices.

In connection with his appointment, Mr. Chin will receive an annualized cash fee of $41,000 and 10,000 Restricted Shares under the 2024 Stock Incentive Plan. The Restricted Shares will vest 100% on December 12, 2025. Mr. Chin does not have any family relationship with the executive officers or directors of the Company, and there are no arrangements or understandings between him and any other persons that require disclosure.

The appointment of Mr. Chin comes amidst a period of regulatory scrutiny and financial reporting disclosures for Biomerica, Inc. The Company filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) on June 4, 2025, detailing the changes in its leadership and financial statements [2].

The market reaction to this news was positive, with Biomerica, Inc.'s shares rising 3% on the announcement of Mr. Chin's appointment. This suggests that investors view the appointment of an experienced and independent director as a positive step for the Company's governance and financial stability.

References:
[1] https://quantisnow.com/insight/biomerica-inc-filed-sec-form-8k-leadership-update-regulation-fd-disclosure-financial-statements-and-6075748
[2] https://quantisnow.com/insight/biomerica-inc-filed-sec-form-8k-leadership-update-regulation-fd-disclosure-financial-statements-and-6075748