The Challenge
With any clinical-stage business fundraising is essential and as a cell therapy biotech the size and scale of fundraising becomes ever more complex. This complexity requires a team that can present the story and discuss the medical results, but also know the financial details in depth.
We worked with one of the leading cell therapy biotechs, who’s CFO had stepped away from the business when they were four months away from a business critical fundraising event raising in excess of $100M. With not only a 4 month time window, but financial and governance responsibilities required to run a NASDAQ listed business, an urgent replacement was business critical.
The Solution
When running any search at Cavenagh Health we look at the problem and present a solution specific to that challenge and this occasion was no different.
Time was against the CEO, but sacrificing on candidate quality would have only ended in failure on the fundraising. Focusing on the opportunities ahead for this biotech we expanded the candidate profiles to consider permanent and interim CFOs.
The result – An interim CFO starting within 4 weeks of search initiation
Candidate shortlist presented – Two weeks
From a presented shortlist of four CFOs, all with previous experience raising funds in a clinical stage biotech, all four taken forward to interviews and the lead two taken forward to meet with the board.
CFO Started – Four Weeks
The lead candidate had recently finished a turnaround project supporting a biotech to a successful acquisition and was available to take on an interim assignment immediately. Following in depth referencing showing clear examples of the candidates depth of knowledge of the numbers, experience in managing public stage companies and network within certain investment groups, the offer was managed, closed and the interim CFO brought onboard for the following 12 months.
