Background
Apellis Pharmaceuticals (NASDAQ: APLS) achieved the third biggest life science IPO of 2017 with $150 million raised, yet the groundwork was laid well beforehand – beginning with its S-1 filing in 2015 and subsequent search for a CFO to manage the next steps. Headquartered in Louisville, Kentucky, where experienced life science executives are in shorter supply, the company was advised by investor Morningside Ventures to consider an alternative: an engagement with Danforth Advisors to access the industry’s top talent on a flexible, part-time basis.
Danforth Role
- Provided an interim CFO who became an integral member of the company’s leadership team in a strategic and operational role that spanned 2+ years
- Provided advisory on business development and corporate strategy, handled staffing and employee compensation matters, regularly participated in board and staff meetings
- Oversaw company’s financing strategy, including a Series D and a Series E capital raise, followed by an important $20 million loan agreement with Silicon Valley Bank
- Oversaw build-out and administrative support of company’s Massachusetts office upon relocation from Kentucky
- Provided on-going operational finance and accounting support spanning 7+ years, transitioning from private to public company requirements
- Through Argot Partners, a Danforth Advisors company, provided on-going IR / communications strategy and tactical support through transition to a public company, launched two products and secured funding sufficient to support operations to positive cash flow
Results
Under Danforth’s guidance, the company was able to secure the runway needed to ultimately achieve its goal of an IPO. We maintained a board role to assist with the now-public company’s transition to an in-house CFO.
With an internal IR team now in place, Argot Partners has continued to provide counsel, strategy and execution support through multiple data announcements, product launches and financings.