The Situation

A growing biotechnology Company was well positioned to raise ~$150 million in equity capital and had a strong team but did not wish to engage a large investment bank to run the broad process the banks had proposed. Management also wanted to maintain full control of the process and avoid heavy investment banking fees that can deter the most notable VCs from investing.

The Execution

• Established capital raise process, timeline, communication methodologies, and investor outbound communication process

• Assisted CFO with Long Range Plan (LRP), forecast, cash burn analysis, segmented financial analysis, and various projects while CFO recruited in-house FP&A team

• Built list of relevant investors including contacts, relevant portfolio companies and assisted with investor outreach (resulting in several investors who participated in the deal)

• Assisted in preparing investor marketing and financial materials

• Advised Management on strength of various term sheets from notable worldwide investors

• Processed investor due diligence requests

• Managed virtual data room analytics

• Built list of relevant investors including contacts, relevant portfolio companies

The Results

Pinewood offered complete support for CEO and CFO, closed deal within six months, minimal disruption to Company Management, a very satisfied Board, and favorable valuation/terms during an extremely challenging equity environment. Despite the declining public markets and resurgence of COVID, the Company prevailed to secure nearly $150 million in fresh capital from new and existing investors. The Client successfully executed a 6 month capital raise process that resulted in outreach to ~130 investors and over 100 confidential presentations.