Danforth Advisors Expands New York Metropolitan-Area Practice to Support Local Life Science Cluster

CAMBRIDGE, Mass. and NEW YORK, Dec. 13, 2017 (GLOBE NEWSWIRE) — Danforth Advisors, specialists in accounting, finance support and strategy for life science companies, today announced its expanded service into the New York metropolitan market, with New York City-based leadership and access to greater than 50 consultants able to remotely run or supplement internal finance teams.

The metropolitan region, including New York, New Jersey and Connecticut, has become one of the nation’s biggest life science clusters, ranked #3 by Genetic Engineering & Biotechnology News earlier this year. In particular, New York City has key pieces in place to become the next great life science hub – including the $500 million LifeSci NYC initiative and $620 million pledged for statewide support in 2018, plus the presence of renown research institutions, academic medical centers and a growing number of incubator facilities.

“We’re very excited about the opportunity to assist the life science community in metropolitan New York,” said Daniel E. Geffken, Co-founder and Managing Partner of Danforth. “We know what is required to grow life science companies, having led and advised more than 200 in the Boston area – arguably the world’s most successful life science cluster. We have the knowledge, relationships and flexibility to help fill the gaps in New York’s emerging ecosystem.”

Danforth’s New York metropolitan-area effort will be led by Mr. Geffken and Heather Kiessling, Senior Consultant. The firm’s current clients in the region include Abcombi Biosciences, Inc.; Elucida Oncology, Inc.; GenePeeks, Inc.; Groups Recover Together; Immuneering Corp.; Inozyme Pharma, Inc.; Kallyope, Inc.; MonoSol RX, Inc. (now Aquestive) and SpringWorks Therapeutics, LLC; among others.    

“Danforth was a tremendous help in preparing us for launch, including an interim CFO and controller who put accounting, finance and human resources systems in place and laid the groundwork for a successful Series A capital raise,” said Nancy Thornberry, CEO of Kallyope. “We’ve continued to utilize their services so that we can devote the vast majority of our internal resources to our core research and development activities.”

About Danforth Advisors
Danforth specializes in accounting, finance support and strategy for life science 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 260 life science and digital health companies with our unique, modular approach. Additional information is available at www.danforthadvisors.com.

CONTACT: Contact:
Felicia Krupps
617-418-9434
fkrupps@danforthadvisors.com

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