Following the departures of the CFO and the Controller, FLG’s Jim Pardee was engaged as Interim CFO while the company recruited a permanent CFO. With the departure of additional personnel, the initial focus was on rebuilding the accounting team while at the same time focusing on cash management and expense control. The company received a notification of pending delisting from NASDAQ and Jim, working with one of the Directors and a special legal team, traveled to Washington, D.C. and successfully avoided the delisting.
During the five month engagement Jim managed the timely filings of quarterly 10-Qs and the preliminary and final 14-A proxy statements. He also supported the restructuring of convertible debt. Towards the end of the engagement the decision was made to sell the instrument business, keeping only the diagnostics business, and Jim was heavily involved in the attendant due diligence and the resultant successful sale. The engagement ended following the successful recruitment of a permanent CFO and a transition period. Ciphergen Biosystems has subsequently renamed itself and remains a public company; Vermillion (NASDAQ:VRML).