Richard Cruse

Summary

A commercial and internationally experienced PLC Finance Director with City exposure and IPO experience, including venture capital and institutional fund raising of over 100m. Proven skills in the development, modelling and implementation of strategy; deal structuring and negotiation; M&A and change management; business development; and the management of general administration and information technology functions.

Experience

·Successful flotation and secondary offerings totalling £89m on the London Stock Exchange

·Raising of equity investment totalling £16m from venture capital and institutions

·Negotiation of £45m of financing for major capital projects

·Acquisitions and management of change

·Negotiation of strategic collaborations

·Business development and licensing

·Strategic restructuring

·Management of major capital projects

·Development and implementation of strategic plans

·Development of effective management control systems

·Management control and IT systems development and implementation

·Development and embedding of principles of good Corporate Governance

Work History

Work History

Finance Director

PPL Therapeutics PLC

Best known for “Dolly the Sheep”, the world’s first mammal ‘cloned’ from an adult cell, the company developed the production of human pharmaceuticals using transgenic technology.

Full responsibility for the financial strategic planning, organisation and raising of equity and debt financing, financial management, HR, general administration and information technology.

Main Achievements: -

·Successful flotation on the London Stock Exchange raising £35m in 1996 and secondary (rights) issues raising a further £22m in 1998 and £32m in 2001

·Successfully raised £16m from three rounds of venture capital and two corporate investments

·Completed negotiation of major product collaboration and licensing package with Bayer Corporation (value over £60m)

·Negotiated funding proposals for the construction of the company's manufacturing plant from locations in Scotland, Germany, USA and New Zealand

·Completed detailed negotiations and agreed £42m funding package with Scottish Enterprise support

·Managed construction of a £10m GMP (Good Manufacturing Practice) pilot plant facility within budget

·Developed and implemented strategic and corporate plans

·Managed acquisition and integration of a US subsidiary and undertook due diligence on other M&A opportunities

·Created and administered foreign subsidiaries in USA and New Zealand

·Designed, implemented and maintained financial control systems which consistently controlled expenditure below budget

·Developed IT strategy and implemented Local Area Network and Virtual Private Network

Jun 2006 - Present

CFO

Alchimer SA

Responsible for financial strategic planning, business planning and all administrative and financial functions.

Main Achievements:

·Re-wrote business plan for two separate companies based on the different commercial applications of the technology

·Structured spin-off of alchiMedics and concluded first round funding

·Completed third round financing of Alchimer with existing investors

·Implemented financial reporting and control system

Mar 2004 - May 2006

Partner

BioAssociés Sarl

Founder of consulting company providing strategic and financial analysis and support to biotech, pharma and VC clients.

Main Achievements:

·Created two start-up companies

·Successfully negotiated in-licensing of technology from Japanese Institution

·Developed and applied Diag’OPTA™ for the analysis and development of Plateformes Technologies Academiques

·Developed strategy and completed client business plans

Apr 2002 - Feb 2004

CFO

Entomed SA

Responsible for financial strategic planning, business development and all administrative and financial functions.

Main Achievements:

·Full review of strategy and research direction with President and executive team

·Developed and wrote new Business Plan for third round of VC funding

·Concluded two strategic research collaborations in additional therapeutic fields

·Organised and presented out-licensing opportunity

Education

Education
1984 - 1987

MBA

Sheffield Business Scchool