CNS Pharmaceuticals, which just went public last week, has officially appointed Christopher Downs as its new CFO.
Mr Downs joins from Innovative Aftermarket Systems LP, a privately held provider of finance and insurance solutions where he was VP of Finance and Treasurer. Prior to that he spent 7 years at InfuSystem Holdings Inc, a provider of infusion systems to oncologists in the US. He is a West Point graduate and has an MBA from Columbia Business School.
CNS doesn’t have any revenues yet and is developing anticancer drugs for the treatment of brain tumors. Based on preclinical data and positive results of the Phase I clinical studies conducted at MD Anderson Cancer Center, the company believes its lead drug candidate, Berubicin, could significantly help in the treatment of glioblastoma, a type of brain cancer that is considered incurable.
The company raised $8.5 million (net of fees) by selling 2.1 million shares at $4, at the low end of its range of $4-$5. Mr Downs agreed to join in September, conditional on the Initial Public Offering being completed.
Mr Downs will receive a base salary of $300,000. He was also granted a 10-year option to purchase 30,000 shares at an exercise price equal to the public offering price per share of the shares sold in the IPO. Mr Downs, who has lived in Houston previously, but currently lives in Utah, will also receive a one-time relocation bonus of $15,000.
Mr Downs replaces Matt Lourie who was the part-time fractional CFO prior to going public.