Joe Miller, CPA, is Chief Financial Officer of Cerecor Inc. Mr. Miller brings over 20 years of experience and a wealth of financial knowledge as a senior executive with extensive hands-on experience in managing financial operations and supporting enterprise growth across the health sciences, biotech and pharmaceutical sectors.
In his previous role at Sucampo Pharmaceuticals, he was responsible for building out the finance organization to effectively support the company’s rapid growth, ultimately resulting in the $1.2 billion merger with Mallinckrodt in early 2018.
This 2,902 word exclusive interview with the Wall Street Transcript details the turnaround plan for Cerecor.
“The company went public in 2015. Following the IPO, the company had two negative data readouts within its R&D pipeline, ultimately resulting in the termination of two clinical trials. Currently, the company was at a crossroads of what steps to take next with their existing pipeline.
The first step in the transformation was the sale of one of its leading assets, CERC-501, to Janssen Pharmaceuticals for approximately $25 million. It was during this phase that Armistice Capital came in and began reinvesting in the company.
Throughout 2017, the company implemented a long-term strategic plan to transform the company from a neurology-based R&D-focused organization into a commercially capable biotech organization.”
This turnaround from disaster is achieving quick results:
“We initially put out guidance in a range of $16 million to $18 million in commercial revenues for 2018. In connection with our Q2 earnings release, we increased our full-year revenue guidance to the range of $17 million to $19 million.
For the first half of the year, we were trending in excess of our initial revenue target that we set and have, therefore, upped our guidance on the revenue side accordingly. In addition, we also guided to the investor base that we would be EBITDA-positive by the end of the FY18. We are trending to meet our EBITDA-positive goal as well.”
Read the entire 2,902 word exclusive interview in the Wall Street Transcript.
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