Background

• University spinout with sophisticated technology for difficult/inoperable brain tumors.
• Board was looking for: an assessment of operations and potential for the business; current and future resource requirements; key personnel; paths forward; and risks and returns for each path.

Activities

• Kirchner team included two members: one focusing primarily on the general business processes and finance and the other one on the science, technological processes and regulatory and reimbursement issues.
• All aspects of business assessed, including: general management processes; corporate culture; finance; product; technology development; manufacturing; inventory control; shipping and installation; marketing; sales; and regulatory affairs and reimbursement environment.
• Contacted and obtained feedback from key opinion leaders, existing users and prospective buyers.

Results

• Board chose to execute one of the paths articulated by Kirchner.
• Kirchner was initially asked to serve in an interim management role but a permanent candidate suitable to the board was identified before the engagement commenced.
• FDA approval for IDE received.
• Following the implementation of Kirchner’s recommendations, the company subsequently closed a $30M Series A financing round.