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Thread: Invivo CEO Reynolds wins hefty pay raise

  1. #1
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    Invivo CEO Reynolds wins hefty pay raise

    http://www.massdevice.com/news/inviv...pay-raise-2011

    Seems like a pretty excessive salary when research dollars are hard to come by...

  2. #2
    WOW, that guy makes bank.
    C5/C6 Complete since 08/22/09

  3. #3
    If he is successful I wont begrudge him. He certainly has grabbed the bull by the horns. We need more Frank Reynolds to take an aggressive approach to translating basic science into real world therapies.

  4. #4
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    Run away from this company fast. Success is inversely proportional to a CEO's salary in early-stage companies.

  5. #5
    Senior Member Schmeky's Avatar
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    Quote Originally Posted by Article
    The company has never generated any revenues, according to regulatory documents, and has accumulated net losses of $7.4 million since its inception . . . . . . .could end up paying its CEO Frank Reynolds more than $775,000 in salary, benefits and bonuses during 2011
    Reynolds is scooping up on the front end, not the back end . . . . . not good.

  6. #6
    is there a reason why the companies stock dropped almost 2 dollars in a year?
    c5/c6 brown sequard asia d

  7. #7
    More biotech companies like INVIVO would be a good thing, but paying its CEO Frank Reynolds more than $775,000 in salary, benefits and bonuses during 2011... it's a bit disturbing to me... untill he starts to cure some SCI people..
    In God we trust; all others bring data. - Edwards Deming

  8. #8
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    The company is basically worthless. That will drive the stock down. It has no income only spending dollars that is raised with public offerings. I feel he is no different than many wall street guys. Sure he wants a cure but in the mean time money is the motivator. It is unfortunate, they really don't have a lot of money to work on research. This stock will tank.

  9. #9
    On a personal level, I don't really care what someone's salary is. It's not like mine will go up if theirs goes down, but I don't like having to pay his big salary.
    This company has not produced anything yet and has no revenues. If their cure is successful, it will be us who ends up paying his salary because the cost will be passed along to us and if the cost is too high, national insurance programmes may refuse to pay them. Governments would do better to fund the research themselves and then their savings would be greater when it's time to get the cure out to people.

    There is a cancer drug being used in Canada and the treatment is 40,000 dollars. The Ontario health insurance plan is not willing to pay for it (in this case because the size of the tumour is deemed too small) but other provinces do pay for it.
    The question is this, why is Hercepin so expensive? Was it just the research costs? No, it was the high salaries paid to CEOs of drug companies. These high salaries add on a lot of money to the price of medicine/devices. In the end the drug price will have to go up even higher to draw in profits to justify such a high salary to his stock holders. In the end, we all lose out.

    I saw a clip of an interesting drug that may be really effective in stopping cancer. The problem. No drug company will pay for the clinical trials because since the drug already exists and the patent is expired, even if it works, no one will make any money.

    You'd figure the government would jump in an pay for the trials (especially because the drug itself is very cheap to manufacture) but because they are so used to letting private companies develop new drugs/technologies they haven't done anything yet. Let's hope for people with cancer, that they do.

    And private companies are not the only ones guilty here.

    Let's look at Rick Hansen. The Canadian governments give Hansen a lot of money. But now, public money has gone to a private foundation, and guess who now decides how public funds will be used? It's no longer you, even though it's your money (in the case of Canadians living in Canada). So now if you think more of your money should be spent on cure research, you are shit out of luck. The money is gone from the public domain and therefore out of the reach of public scrutiny unless we put it there. But even then, Hansen is not elected by us to run his foundation - so this public pressure is even more difficult to apply.

    I'm not talking about conspiracy theories, just saying that private capital or foundations don't always have our best interest at heart. I'm sure Reynolds would love to cure us, not just because the money that it will bring him, but because I think he is truly interested in a cure. But this doesn't matter because at the end of the day they money will decide.

    In the end, his high salary will get in the way of the cure itself, and if there is a breakthrough in the end, his salary and the profits his shareholders want to take from this, will prevent many people from being able to pay for it.

    Just my two cents, and now I have an idea for a blog post.
    Dennis Tesolat
    www.StemCellsandAtomBombs.blogspot.com

    "Change does not roll in on the wheels of inevitability, but comes through continuous struggle. And so we must straighten our backs and work for our freedom."
    Martin Luther King

  10. #10
    Senior Member 0xSquidy's Avatar
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    Dennis, yet another awesome bit of information from you. I agree 100%.

    I wish the SCI community knew more about this, instead of being a bunch of sheeps.

    Please, keep writing and talking about this.
    Don't ask what clinical trials can do for you, ask what you can do for clinical trials.

    Fenexy: Proyecto Volver a Caminar

    http://www.fenexy.org (soon in english too)

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