LEN STIGLIANO, CPA, MBA Cell: 484-919-7135

685 Wyndrise Drive, Blue Bell, Pennsylvania 19422 lsdc56d8@westpost.net

SENIOR FINANCIAL EXECUTIVE~ CHIEF FINANCIAL OFFICER
Strategic Planning / Financial Reporting / Operations Management
Results-driven financial executive with exceptional leadership skills and expert
ise managing operations, finance, and IT activities in turnaround, publicly trad
ed (CFO of three public companies) and private corporate environments. Successfu
lly manages and performs a full scope of finance functions including SEC filings
, Sarbanes-Oxley Section 404 compliance, financial reporting and consolidation,
treasury management, staff management and improvement of internal control and ge
neral accounting processes and procedures. Proven track record of building and m
anaging profitable businesses, including sales growth and profit improvement. An
alytical, strategic, and conceptual thinker able to generate new ideas and initi
ate change. Articulate communicator, with exceptional interpersonal skills to e
ffectively lead and mobilize cross-functional teams to accomplish objectives and
meet critical deadlines. Serves as a key strategic financial advisor to CEO an
d senior management.
CORE QUALIFICATIONS
* Corporate Growth & Development * Strategic Planning & Execution * P&L Manageme
nt
* Public Offering & SEC filings * Analytics for senior management and Board * Bu
siness Reengineering
* Cash Flow Improvement * Human Resource Management * Startups & Turnaround
* Global Systems & Project integration * Acquisitions & Capital Raise * Profit i
mprovement initiatives
PROFESSIONAL EXPERIENCE
FRONTAGE LABORATORIES, INC, Exton, Pennsylvania 2009 - Present
Privately held early drug development contract service company focused on bioana
lytical, CMC and Phase I activities in the US and China.
SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER
Responsible for financial reporting, financial and sales analysis, financial pre
sentations to the Board, advisor to CEO, human resources, external bank relation
ships, and IT staff for five locations.
Selected Achievements:
* Assisted in developing strategies that led to 25% revenue growth 2009 over 200
8 through recommending additions to sales staff, pricing changes, and focus on m
iddle size clients. Implemented formal procedures for new hires, salary adjustme
nts, capital spending requests, billable material costs and issuance of stock op
tions.
* Modified the proposal template to add information on the Company for every pro
posal sent to a prospective client. In addition, simplified milestone payments
to facilitate cash collection and simplify the milestones for the Company and th
e Client. Created name visibility with clients.
* Reduced professional fees for annual audit and tax return preparation by $100k
(a reduction of 50%) per year by successfully bidding out services.
* Organized the collection of accounts receivables, leading to an improvement in
days sales outstanding in excess of 40 days, which yielded one time cash gains
of over $600,000.
Novavax, Rockville, MD 2007 - 2009
Publicly traded (NASDAQ) vaccine development company using a novel approach to v
accine development through the utilization of recombinant virus-like particles t
hat have the proteins, size and appearance as the virus but not the RNA to repli
cate (effectively a decoy to the immune system).
Chief Financial Officer
Responsible for all public company (NASDAQ) CFO activities including equity rais
ing, interface with investment banks, SEC reporting, SOX compliance, financial a
nalysis of potential licensing arrangements, internal financial analysis, invest
or relations, human resources, and IT for this novel public vaccine company.
Selected Achievements:
* Company was in need of vaccine development funding and avoiding "going concern
" status. Coordinated a public PIPE common stock offering, including filing all
SEC documents, managing the "book", and completing the solicitation and wire tr
ansfer of funds, without the use of an investment bank, resulting in raising $18
million in cash, and saving the company $1.0 million in professional fees.
* Directed the complete documentation of SOX testing and compliance through the
development of process mapping for all key control processes.
* Created an RFP to bid outside IT services which led to a 50% reduction in cost
12 months and a further 50% reduction in year two.
* Established a formal process for the generation and review of all press releas
es to be issued by the Company. This action resulted in a streamline review of
press releases, which simplified the process and continued to enable full legal
review before a form 8-K was filed with the SEC.
* Developed and revised the total compensation plan for the Company establishing
salary and bonus review based on overall performance of the company, individual
goals, and the aptitude of a employee to be a team player.
Tatum, LLC. Philadelphia, PA
2006 - 2007
National financial service provider of CFO and IT professionals.
PARTNER
First assignment was Novavax, Inc. as interim CFO which led to hire as full-time
employee
Omnicare Clinical Research, Inc
(Division of Omnicare Inc. a $6 billion service provider to the elderly), King o
f Prussia, PA 1995 - 2006
Global contract service organization (CRO) with focus on late stage drug develop
ment services (Phase II-IV).
PRESIDENT & CHIEF OPERATING OFFICER, GLOBAL OPERATIONS
2000 - 2006
P&L responsibility for global operations, with over 1,000 global employees repre
senting 80+% of the company's staff. Responsible for overseeing the execution o
f all of the company's projects and implementing all new systems and processes f
or global drug development operations, management of all services including stud
y start up, clinical monitoring, project management, data management, programmin
g and statistical analysis and clinical writing. Drug development experience in
cludes dealing with large Pharma as well as small drug development companies. Th
e Company achieved record revenues of $145 million and improved gross profit fro
m enhanced utilization and realization of staff.
* Initiated start up of operations in India to move high cost tasks "offshore" t
o save approximately 75% of salary vs. US base salaries. Over the next few year
s the headcount in India grew to 100 staff, and captured $4.5 million in savings
.
* Improved overall global profit margins without the benefit of significant pric
e increases through improved task pricing, scope management, and personnel utili
zation. Helped business attain record revenue and operating profit results.
* Created a global operations organization for a service business to enable cons
istency in the use of standard operating procedures, global systems and job clas
sifications in over twenty countries, which was revolutionary within the CRO ind
ustry. The implementation of this organization lead to an increase in global pr
ojects by 20% that were awarded to the organization and with that improved commu
nication throughout the organization both internally and with Clients.
* Organized and directed the implementation of a global timesheet system with ov
er 1,000 users covering 100+ different projects. The ability to capture time by
project and task led to the quantification of project profitability for all pro
jects globally.
* Supervised the development of an in-house clinical trial management system to
be used globally to reduce the amount of tracking of key deliverables manually a
nd to increase the competitiveness of the Company's service offering with a mode
rn GCP-compliance web-based system.
PRESIDENT - NORTH AMERICA
1998 - 2000
Responsible for sales, operations, marketing, HR, information services and overa
ll P&L. Oversaw 550-person staff, and achieved record revenues of $75 million a
nd operating profits in excess of 20%.
* Conceived and implemented a novel project management system that would be used
globally to review and proactively manage all research development projects. T
he implementation of this system, improved the achievement of key deliverables t
o Clients for all drug development milestones, improved overall project profitab
ility, and created visibility to senior management as to the status of each proj
ect.
* Directed and led the company in achieving its first major preferred provider r
elationship (with Eli Lilly & Co). The preferred provider relationship enabled
the company to win over $40 million in new business during the 5-year contract p
eriod, During the RFP process, the Company beat out a major competitor (Covance)
to achieve preferred provider status,
* Introduced a home based (project management) employee model for this 550-emplo
yee contract service organization, which was the first major CRO to do so. The
result was a reduction in overhead of $10 million (over 200 home based employees
) as personnel were allowed to work from home, and opening recruiting to a natio
nal pool, thereby increasing the level of competency for new hires as a result o
f this model.
* Quantified and personally negotiated major change orders with Sponsors (e.g. A
dolor, Sankyo, and Lilly) that generated in excess of $2 million in revenue and
profit.
* Developed an interactive phone timesheet system to capture hours by task for r
egional consultant clinical research monitors, which reduced costs by $2 million
within 6 months of implementation by controlling overall hours as compared to p
roject budgets.
CHIEF FINANCIAL OFFICER - IBAH, INC.
1995 - 1997
Appointed as a senior executive of public NASDAQ Company with full responsibilit
y for the financial function including investor relations, SEC reporting, HR and
IT. Managed a 100-person global staff; reported to the CEO and conducted all f
inancial presentations to Board of Directors.
Selected Achievements:
* Led and negotiated the purchase of a service organization valued at $30 millio
n. The strategic purchase of this business added value to the existing US busin
ess by enabling the capability to bid and win larger development projects. The
access to larger projects added almost 10% in operating income margin over the s
ubsequent twelve months after acquisition of this business.
* Through the implementation of a budgeting and forecast system, including a pro
cess to handle revenue recognition among other actions enabled the company to be
sold to a third party at 3x the market price as compared to the price when join
ing the organization.
* Participated in two public equity financings to raise equity (the first one to
avoid NASDAQ de-listing), which totaled $26 million in net proceeds to the Comp
any and provided the business with adequate funding to be cash self-sufficient.
Chemex, Inc., Fort Lee, NJ 1991 - 1994
Publicly held (NASDAQ) dermatology drug development company.
CHIEF FINANCIAL OFFICER
CFO of NASDAQ public company. Responsible for all finance, investor relations,
SEC filings and reporting performance to the Board of Directors.
Selected Achievements:
* Assisted in acquisition of company at 2x the current stock price to avoid issu
es with lack of ongoing funding.
* Responsible for financial reporting to Joint Venture partner (Block Drug) for
the drug development of novel new dermatology compounds.
Technicon Instruments, Inc., Tarrytown, NY 1980 - 1990
Global diagnostic company, which developed, manufactured and sold complex analyt
ical systems with support aftermarket reagent sales and service of these systems
to hospitals and private clinical laboratories. This business was the largest a
cquisition made by Revlon, Inc. in its history.
PRESIDENT NORTH AMERICA
1986 - 1990
Started as senior finance executive, added strategic planning and program manage
ment, and eventually became President, North America, with this research, manufa
cturer and marketer of diagnostic products (purchased by Revlon, its largest acq
uisition in its history) with over 4,000 employees worldwide. Scope of responsib
ilities involved global finance, information services, strategic planning, and p
rogram management; progressed to final position responsible for operations, sale
s/marketing, and administrative with full P&L responsibility; recognized for ach
ieving record revenues and profits for the $150 million division of a $500 milli
on global business.
Selected Achievements:
* Re-organized a 400-person service organization into one central location for t
roubleshooting complex analytical systems. The centralization enabled real 24x7
coverage, consistency in troubleshooting issues with clients, and increased ove
rall customer satisfaction.
* Directed the launch of a new hematology analyzer that achieved over $20 millio
n in first year revenues, outselling the worldwide leader (Coulter) and achieved
the top selling system in the US during that time period.
* Successfully closed several major business relationship transactions with comp
anies such as Medpath, valued at over $10 million in sales.
* Participated in the sale of the business to Bayer AG for over $500 million (sl
ightly more than 1x revenues).
SENIOR VICE PRESIDENT - FINANCE, CORP DEVELOPMENT & PROGRAM MANAGEMENT
1980 - 1985
Selected Achievements:
* Established a global financial reporting system including forecasting and budg
eting of all key indicators of the business in over 20 countries. This system,
which was fully automated in local currency and US dollars, enabled management t
o evaluate not only financial results but project income statements and service
line income statements which improved operating margins by 2% on net revenues (o
r $10 million in operating profit). Total revenues reached $500 million during t
his time period.
* Led an attempted LBO working with two investment banks, which yielded a compet
itive offer for the company of $215 million after Revlon reduced the Company's l
iquid assets on a proforma basis.
* Led and negotiated a $30 million join venture with Triton Biosciences (divisio
n of Shell Oil) for an automated immunology system which when commercialized gen
erated over $150 million in revenue during its life cycle. Negotiated a 60 (Tec
hnicon) / 40 (Triton) profit split, with Technicon only needing to invest $5 of
the $30 million to develop this system.
* Led internal program management group responsible for reporting progress again
st development timelines of new analyzer systems to senior management. Tracked
overall program development costs and the internal rate of return of each projec
t.
* Reduced accounts receivables days sales outstanding by 35 days achieving one-t
ime cash gain of $10 million.
* Responsible for monitoring all transfer pricing activities between the US, Pue
rto Rico and Ireland to ensure that tax compliance was properly documented.
Revlon Healthcare Group, Tuckahoe, NY 1975 - 1979
$2 billion Life science group of Revlon, consisting of several divisions coverin
g the following areas in life sciences: pharmaceutical, OTC, diagnostic, centra
l laboratory services, and optical lens development and sales. The Group genera
ted 70% of Revlon's corporate profits.
Group Controller/Controller/Global Director
Held various senior finance roles starting as a Plant controller, Director of bu
dgets and forecasts for global pharmaceuticals, and Controller of largest acquis
ition (at the time) of Armour Pharmaceutical based in Phoenix, AZ.
* Instituted and installed cost accounting systems in Puerto Rico, Italy and Ger
many for both pharmaceutical and chemical facilities. The data generated by the
se systems enabled management to understand the product cost of each product man
ufactured in those facilities.
* Co-authored a global business plan for blood plasma products including the cos
ting for bi-products of the raw material. The approval of this plan led to reve
nues that exceeded $250 million.
* Led financial integration of two pharmaceutical divisions, which were merged s
ubsequent to the Armour acquisition.
KPMG, White Plains, NY 1973-1975
Started career in public accounting.
EDUCATION & PROFESSIONAL CERTIFICATION
MASTER OF BUSINESS ADMINISTRATION - FINANCE 1973
LUBIN SCHOOL OF BUSINESS, PACE UNIVERSITY, New York, NY
BACHELOR OF ARTS - BUSINESS ADMINISTRATION 1969
RUTGERS UNIVERSITY, New Brunswick, NJ
Certified Public Accountant - New York State.
Six Sigma - Green Belt
PROFESSIONAL AFFILIATION & COMMUNITY INVOLVEMENT
PENNSYLVANIA BIOTECH MEMBER
BIOTECH CFO ASSOCIATION