The Challenge
ACME Medical was a typical example of an international medical device startup facing a myriad of challenges at the same time. From licensing university developed technology for further development and commercialization, and establishing initial funding through venture capital initiatives, to managing complex international teams with unique reporting structure and oversight requirements. For ACME Medical to thrive, it was essential to find the right partner with the right experience to navigate the organization from startup to growth and establishment.The Solution
Rankin McKenzie’s stable of professionals offer many options to best support businesses moving from one phase to the next, including those with complex operations with international implications. To meet the challenge, Rankin McKenzie partnered ACME Medical with Jeff Bell to employ a multi-faceted approach to guidance, offering everything from financial modeling and HR structure to talent recruitment and back office functions. In addition to operations stateside, ACME Medical develops intellectual property in Malta while maintaining headquarters in Ireland. This complex structure takes advantage of short-term international incentives while positioning the company to limit exposure during a future exit event. To support management, Jeff took over the collaboration initiatives with CPAs in each participating country and began preparing statements based on the international financial standards.He also established new forecast modeling to support budgeting and fundraising requirements, while also building out a more robust HR function and other back office operations to support the company as it expands and engages in more robust recruiting efforts.“ACME Medical” is a research company developing cardiac medical technology for application in hospital and clinical settings.
