BACKGROUND SUMMARY
General manager and finance executive; most recent seventeen years operating experience in the biotechnology, medical device and specialty pharmaceutical sectors; raised capital through private equity as well as initial and secondary public offerings;Sarbanes Oxley compliance; strong ability to communicate science and technology to Wall Street; mergers and acquisitions as well aslicensing agreements experience; creative problem-solver who has built infrastructure and implemented change to support business growth and sustainability.
BOARD EXPERIENCE
MEDICAL DEVICE COMPANY
Fremont, California April 2005 to Present
Board Member, Chair of Audit Committee
Joined the Board of Directors of a public medical device company (Nasdaq) in April 2005. COMPANY develops, manufactures and markets innovative proprietary products for the treatment of gastrointestinal disorders. COMPANY'S products and products under development consist of radiofrequency generators and single use disposable devices.
OPERATING EXPERIENCE
MEDICAL DEVICE COMPANY
Mountain View, California March – December 2005
Vice President, Finance and Chief Financial Officer
COMPANY is a development stage medical device company. Joined COMPANY to partner with Founder/CEO to add senior management capability in sales, marketing and manufacturing as well as build finance, human resources and information technology infrastructure in preparation for commercial launch of the company’s first product. COMPANY was founded in 2002 to develop technology for the accurate and efficient control of catheter movement during therapeutic procedures. The robotic system is being developed initially for electrophysiology.
- Hired director of finance; established 3 year strategic financial forecast to support fund raising; established milestone focus within senior management; managed due diligence document production in support of strategic partnering discussions; established financial controls including purchase orders, capital spending requests and consultant reviews; established a growth equity line of credit and a capital equipment loan; established monthly financial reporting; worked with VP manufacturing to establish first product standard costs; established first product demand forecasting process; established revenue recognition policies; and established plan and timetable for conversion to QAD manufacturing and financial software.
- Completed $30 million Preferred Stock financing.
- Supported definitive agreement and term sheet negotiations for various partnering opportunities including licensing; short term and long term product development, and product sales and marketing.
- Hired director of human resources; managed growth from 50 to 80 employees; established compensation and performance measurement program including: employee objective setting, compensation benchmarking, job descriptions, and manager training; established organization chart tracking of headcount; worked with VPs to transition out weak performers; and developed follow-on stock option program.
- Brought computer support in house by hiring broadly skilled IT manager thereby reducing overall costs and decreasing computer support response times; established standardization of equipment configurations.
SPECIALTY PHARMACEUTICAL COMPANY
Mountain View, California 2003 - 2004
Vice President, Finance and Chief Financial Officer
Joined COMPANY in September 2003 becoming member of senior management to revitalize the environment following five years of rebuilding.Responsible for accounting, finance, investor and public relations, and computer services; 80 of 120 employees worked in New Jersey manufacturing plant; primary accounting support, assistant controller, also in New Jersey.
- Revamped investor and public relations department and activities restoring credibility to the COMPANY story and raising stock price over 60% over 6 month period.
- Conducted many one-on-one meetings with existing and prospective institutional investors; presented at numerous investor conferences.
- Managed Sarbanes-Oxley activities lead by assistant controller.
- Established milestone based objectives to keep management team focused on commitments made to investors.
- Negotiated $8.5 million loan from Japanese development partner.
- Transformed computer services department into value added support group through mentoring of associate director.
- Member of team who negotiated in-license of a technology bringing two major products into COMPANY.
GLOBAL HEALTHCARE COMPANY, Fremont, California 2002 - 2003
Vice President, Finance and Fremont BioScience Site Manager
Following the acquisition Fremont medical device company by GLOBAL Healthcare Corporation in May 2002, became a key member of international bio-surgery business management team. Became responsible for the Fremont site comprising manufacturing, research and development, regulatory, finance and administration. Primary objective to integrate all the functional departments into the BioScience division while increasing production rates and moving product development projects forward.
MEDICAL DEVICE COMPANY, Fremont, California 1999 - 2002
Vice President, Finance and Chief Financial Officer
As key member of senior management, provided leadership culminating in the acquisition by GLOBAL Healthcare Corporation. Built infrastructure, established strategic goals and focused success and sustainability on achievement of profitability. Joined this publicly traded medical device company six months prior to FDA approval of the company’s novel hemostatic sealant.
- Achieved $5.0 million and $12.5 million in the first two years of product sales.
- Key member of three person acquisition negotiating team.
- Managed fund raising activities through targeted investor and public relations program.
- Raised $30 million through three PIPE transactions.
- Relocated corporate headquarters to 72,000 square foot building in Fremont.
MEDICAL DEVICE COMPANY, Sunnyvale, California 1996 - 1999
Vice President, Operations (1997-1999)
As a key member of the management team of this medical device company, provided leadership to achieve corporate and departmental milestones defined before and after its IPO. Managed team of 18 employees including 3 direct reports responsible for disposable device and laser manufacturing, manufacturing engineering, materials management, and laser field service. Managed operating relationship with Boston Scientific Corporation who was responsible for sales and distribution outside the United States of COMPANY'S products. Also managed relationship with suppliers of OEM laser systems.
- Managed primary OEM laser vendor, located in Germany, through transition from R&D to manufacturing, including final development activities (continuing engineering and new software/firmware) and reliability testing (environmental and life testing). Resolved performance issues in the field, coordinating solution implementation.
- Built highly responsive manufacturing engineering team to support product transfer, product lines, and continuing engineering. Ensured effective communications between Quality and R&D departments.
- Negotiated product development and OEM agreement with alternative energy device supplier.
- Created demand forecasting process with sales and marketing in preparation for commercial launch following FDA approval.
- Implemented new MRP (materials requirements planning) system, including financial module and lot tracking. Built laser installation configuration management database in service department.
- Established information services (computer services), set standards, implemented internet access, created web site, and upgraded telephones.
Controller (1996-1997)
Responsible for internal and SEC financial reporting, accounting, financial planning and budgeting, and computer services.
- Played key role in the preparation and completion of a $60 million IPO (initial public offering.) Drafted prospectus, developed financial information, and managed underwriters’ due diligence process.
- Established subsidiary in Europe.
- Created all first time SEC documents, e.g., 10-Q, 10-K, Proxy, and Annual Report. Introduced stock plans: ISO and ESPP. Selected cash managers for IPO proceeds. Selected vendors and implemented 401(k) plan.
- Negotiated terms and drafted contract with Boston Scientific Corporation (BSC). Managed transition of European distributors to BSC and managed European logistics with BSC operations group.
BIOTEHNOLOGY COMPANY, South San Francisco, California 1991 - 1995
Director of Finance and Administration
Responsible for accounting, financial planning, budgeting, corporate reporting, cash management, computer services, purchasing, and facilities for private biotechnology company with over 60 employees.
- Managed finance, legal, and due diligence requirements to close three rounds of private venture capital financing totaling $26 million.
- Directed facility expansion, improving 14,000 square feet of laboratory and office space to accommodate growth.
BIOTECHNOLOGY COMPANY, Berkeley, California 1989 - 1990
Vice President, Finance and Chief Financial Officer
Responsible for accounting, financial planning, SEC reporting, cash management, computer information services, and purchasing for this 300-employee publicly traded biotechnology company. Worked with Wall Street analysts to calibrate investment community expectations. COMPANY filed two product license applications (PLAs) with the Food and Drug Administration during tenure. Managed staff of twenty-five.
- Raised $57.5 million through secondary public offering of 9% Convertible Subordinated Debentures.
- Managed the integration of two companies following $40 million stock acquisition of an 80 person biotechnology company specializing in molecular biology.
- Managed public offering to redeem COMPANY'S 6.25% Convertible Subordinated Debentures.
- Supported negotiations for a significant licensing, supply, and marketing agreement with Johnson & Johnson.
- Provided analysis and due diligence for strategic licensing relationships.
CONSUTLING GROUP, Palo Alto, California 1986 - 1988
Founded a financial consulting practice to fill small-to-medium sized technology companies’ interim needs for senior financial management. Assignments in biotech, software and retail industries.
COMPUTER HARDWARE & SOFTWARE COMPANY,
Redwood City, California 1983 - 1985
Director of Human Resources and MIS (1984 - 1985)
Director of Financial Planning (1983 - 1984)
Directed three departments of this manufacturer of UNIX-based computer systems, with 700 employees and sales of $70 million in 1984.
BIG 8 ACCOUNTING FIRM, San Francisco, California 1976 - 1982
Manager (1980-1982)
Senior Consultant (1978 - 1980)
Staff Consultant (1976 - 1978)
Served as project director on engagements involving computer information, financial planning and cost accounting systems in retail, financial services, manufacturing, and distribution industries.
EDUCATION
M.S., Industrial Engineering and Operations Research 1976
University of California at Berkeley, Berkeley, California
B.S., Mathematics, cum laude 1974
Claremont McKenna College, Claremont, California |
