Danforth Quarterly Flash | May 2018
Open for Business in Philadelphia
We're pleased to share our latest expansion news with the launch of a practice in Philadelphia! Named a “breakout cluster” last year by JLL Research, Philadelphia is increasingly home to both early- and growth-stage life science companies who can now call upon Danforth Advisors as a flexible, outsourced finance team ranging from controllers to CFOs.

“We’re seeing a remarkable number of companies emerging with promising science, and we can put the accounting, financial and business operations in place to help them advance. Whether implementing new financial systems, performing monthly accounting or executing a capital raise, we have experienced consultants for every stage,” said Daniel Geffken, Co-founding Managing Director of Danforth.

Danforth’s Philadelphia practice will be led by Daniel and Kathleen A. McGowan , Director and CFO-level consultant with nearly 35 years’ experience in the biotech and pharmaceutical industries.
Success Story: EyePoint Pharmaceuticals (formerly pSivida Corp.)
pSivida first turned to Danforth in the summer of 2017 for support with an ambitious plan. Under the leadership of new CEO Nancy Lurker, the company sought to fast-track its evolution from an R&D-centric, small cap play to a commercial-ready entity with products approaching market and money in the bank. With a Chief Accounting Officer on staff but no CFO and little time to find one, Gregg Beloff stepped in as interim Chief Financial Advisor and quickly became a partner to Nancy at the highest strategic level.

“To complete this kind of transformation with an aggressive timeline, the company needed three things in short order: money, product and visibility with Wall Street,” says Gregg. “We were able to hit the ground running on all three fronts – advising and executing on the key events that ultimately formed an entirely new company, all while managing its functional finance needs along the way.” 

The team pursued and accomplished several critical goals in parallel, including:

  • The close of approximately $80 million in equity and debt financing from EW Healthcare Partners and SWK Holdings Company, respectively;
  • Evaluation and execution of an agreement to acquire Icon Bioscience – thus accelerating its timeline to market with an FDA-approved product; and  
  • De-listing the company’s stock from trading on the Australian Securities Exchange.

This work culminated in the company’s re-launch as EyePoint Pharmaceuticals on March 28, 2018 – just seven months after the initial engagement with Danforth. The company has since doubled its market cap from approximately $50 million to $112 million, and is advancing towards the potential launch of two ophthalmic products in the first half of 2019.

To ensure its commercial readiness, EyePoint’s finance needs have evolved as well, including putting new systems in place and planning for manufacturing and sales. Rather than search for a candidate to fill this new role, EyePoint leveraged Danforth’s bench strength to immediately bring in CFO-level consultant Jim Murphy and get the work underway.

“Our engagement with EyePoint speaks to the very reasons that Danforth was formed – to operate as a flexible, financial backbone for life science companies, whether short or long term, and scale up or down as needed,” says Gregg. “We’re happy to support EyePoint in any capacity that suits their goals, including ultimately transitioning a well-run finance function to the future CFO.”
New Clients
Welcome to both new and returning clients who joined us in Q1.
Clients in the News

We share your success and congratulate our clients who achieved important milestones at all corporate stages. The following is a sample of highlights.


-- Kallyope Inc. Announces $66 Million Series B Financing to Advance Programs Targeting the Gut-Brain Axis
-- Finch Therapeutics Group Raises $36 Million in Series B Financing
-- Centrexion Therapeutics Raises $67 Million


-- PEAR Therapeutics to Collaborate with Novartis to Develop Prescription Digital Therapeutics
-- Three-Way Collaboration with the U.S. Army, Harvard University and Frequency Therapeutics to Focus on Progenitor Cell Regeneration in Muscle
-- X-Chem Enters Expanded Global Drug Discovery and Technology Transfer Collaboration with AstraZeneca


We were proud to be a sponsor of Bio-Ball on March 24, an annual event founded by our own Gregg Beloff to support Special Olympics Massachusetts. The one-day basketball tournament pairs teams from the local biotech community with teams from Special Olympics Massachusetts, and has raised over $2 million in 14 years, including this year's tally of $360,000. We congratulate our industry friends who joined in the effort!


Daniel Geffken participated in a panel on gene therapy at the Harvard Business School Health Care Conference on February 3.

Paul Falvey served as a panelist in BDO's Dealmaker Series: Investing in Healthcare Services on April 3.
We're Hiring!
Danforth is always looking for talented finance professionals to join our team of consultants. Please contact Meaghan Chandler for information about flexible, part-time opportunities both within and beyond the Boston area.