SOMERVILLE, Mass. and PHILADELPHIA, May 15, 2018 (GLOBE NEWSWIRE) -- Danforth Advisors, specialists in accounting, finance support and strategy for life science and healthcare companies, today announced its latest regional expansion 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 as a flexible, outsourced finance team ranging from controllers to CFOs.
“Philadelphia is an ideal location for us to expand. 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,” said Daniel E. Geffken, Co-founding Managing Director of Danforth Advisors. “Whether implementing new financial systems, performing monthly accounting or executing a capital raise, we have experienced consultants for every stage.”
As reported by JLL, Philadelphia’s rise in life sciences is attributed to numerous factors, including significant lab space expansion, $900 million in 2016 NIH funding, renowned academic and research institutions, a growing number of incubators and a surging population of millennials and Bachelor’s degree holders to fuel the talent pipeline.
Danforth’s Philadelphia practice will be led by Mr. Geffken and Kathleen A. McGowan, Director and CFO-level consultant with nearly 35 years’ experience in the biotech and pharmaceutical industries. The firm’s clients in the region today include CARMA Therapeutics, Nia Therapeutics and Tycho Therapeutics. The firm also worked with Novira Therapeutics prior to its acquisition by Johnson & Johnson.
“We’re happy to welcome Danforth Advisors to the local ecosystem, which continues to attract first-rate service providers to help our member companies grow and ultimately bring breakthrough science to the marketplace,“ said Christopher Molineaux, President and CEO of Life Sciences Pennsylvania. “Given their experience and impressive roster of clients, Danforth will no doubt become a reliable resource for local companies seeking finance support.”
About Danforth Advisors
Danforth specializes in accounting, finance support and strategy for life science and healthcare companies. Our services range from execution of day-to-day finance and accounting functions to strategic CFO advisory, capital raising, financial and operational planning and analysis, and transactional support and execution for public offerings, mergers and acquisitions. Clients at all phases of the corporate life cycle can take advantage of these services on a part-time, interim or project basis, scaling as needed. Danforth was founded in 2011 and has served over 270 life science and digital health companies with our unique, modular approach. Additional information is available at www.danforthadvisors.com.