Life Science Business
The Company
This private company which had developed a range of bacterial assays for the rapid detection of pathogens was looking to secure new funding and required an interim CEO to lead the business forward. The company was struggling to find a way forward following the resignation of its former CEO.
The Assignment
This private company which had developed a range of bacterial assays for the rapid detection of pathogens was looking to secure new funding and required an interim CEO to lead the business forward. The company was struggling to find a way forward following the resignation of its former CEO.
The Assignment
- Introduced to company by Strathclyde University Research & Innovation team
- Take on the role as interim CEO and build business by raise new external funding
The Plan
- Revise business plan and financial forecasts
- Restructure business to make 'investor ready'
- Recruit Finance Manager to take control of accounting function
- Manage instrumentation projects including third party contractors
- Agree and sign a 'know how' licence deal with the University of Strathclyde
- Relocate business to new wet lab on a commercial footing
- Clarify IP base and file necessary patents to protect novel pathogen testing techniques
- Secure SE and EU grant funding to help develop business
- Speak to prospective funders and raise follow-on investment to take business to cash breakeven
The Results
- Restructured business to allow new private equity investment based on new plan
- Secured initial seed funding and company subsequently raised over £2m of new investment in a 2 year period
- Moved culture away from an academic environment onto a commercial footing
- Completed the acquisition of a UK based European distributor with proven sales team
- Recruited new CEO with strong industry experience to take buiness to exit
- Added significant shareholder value to original investors
