Strategy & Implementation Summary
Management Team
The founders of Premium Therapy are Dr. Julius Nestor, Mr. Pi Long Su, Dr. Sherman MacDonald, and Ivan Astov. Dr. Nestor will serve the company as interim CEO, Mr. Su will serve as interim CFO, Mr. Astov will serve as interim COO, and Dr. MacDonald will serve as Director of Research and Development.
Several key people, including a CEO, are being sought.
Founders and Principals
Julius Nestor, M.D./M.B.A.: Dr. Nestor has a long history of biomedical device design and testing. During his undergraduate career at the University of Arkansas, Dr. Nestor concentrated in Biomedical Engineering with a cumulative GPA of 4.0 in his major. While pursuing his undergraduate degree, he led a team that designed toys for children with cerebral palsy and was subsequently awarded the Excellence in Senior Design Award by the Department of Bioengineering. To augment his academic experience, Dr. Nestor spent a total of 10 months at the Arkansas Department of Health and Safety both testing devices and writing congressional reports on the current state-of-the-art devices. Dr. Nestor is the inventor of Premium Therapy's patented EMIT system as well as multiple other devices including a myringotomy tube insertion device (patent pending), a non-invasive corneal sculpting device (patent pending), and a peritoneovesicular shunt (patent pending). Dr. Nestor is currently a first-year resident at the Therapeutic Institute in Cambridge, Massachusetts.
Pi Long Su, M.B.A.: Mr. Su was previously involved in several Initial Public Offerings and Mergers and Acquisitions as an investment banker, and is a Certified Public Accountant with extensive experience in the U.S., Asia, and Australia. He is also a founding director of a successful start-up company in Hong Kong involved in organizing round-table conferences for senior bankers, publishing banking journals, and creating banking intelligence and proprietary research reports. Mr. Su is currently employed by National Bank as an investment banker.
Sherman MacDonald, M.D.: Dr. MacDonald is highly involved in the improvement of function in people's lives. With the focus of his training in the specialty of Physical Medicine and Rehabilitation, Dr. MacDonald's areas of interest include chronic pain, musculoskeletal and back pain, as well as sports medicine. He received his training in medicine at the University of Arizona School of Medicine. Prior to entering the field of medicine, Dr. MacDonald received his undergraduate education at Harvard University, where he graduated with honors with a degree in Organismic and Evolutionary Biology. Dr. MacDonald is currently a physician at the Therapeutic Institute in Cambridge, Massachusetts.
Ivan Astov: Mr. Astov has an extensive background in general management, finance and research. As an undergraduate at the University of Arkansas, Mr. Astov researched both the pressure distributions in the human microvasculature and the genetically determined temperature sensitivity of the high molecular weight, low copy number pRts1 plasmid. Mr. Astov's commitment to science while pursuing a dual degree in Electrical and Bioengineering was recognized by admission to the University Scholars program. Having worked with Walters Consulting, StockPrice, and later Chase Manhattan, Mr. Astov has over four years of experience in helping American corporate clients to maximize shareholder value by streamlining operations, reengineering systems, and implementing new business strategies. Mr. Astov is currently completing his M.B.A. degree at the Harvard Business School.
Consultants
Morton S. Biddley, J.D.: Mr. Sheldon's background includes over thirty years of experience in business, law, and education. For 12 years, he was one of two principals in MedTech Group, Inc., a Cambridge-based venture development firm. Two public companies, MedTechlex and MedSys, resulted from MedTech's efforts. Prior to founding MedTech, Mr. Biddley was a principal in or consultant to several high technology startup companies in Cambridge Research Park. These included venture capital-backed firms such as MedFlex,BMG Data, Healthwise Corporation, and Cambridge Biomedical Sciences. In addition, Mr. Biddley has held a faculty position with the Harvard Business School for 24 years. He has served as a member of the Business Review Board of the Department of Technology, Massachusetts Department of Commerce, and the Massachusetts Biotechnology Center Task Force on University-Industry Technology Transfer. Mr. Biddley currently is a founder and principal of Technology Foundations Consulting, an international consulting firm.
Howard Melton: After graduating from Wesleyan University with a degree in Biomedical Engineering, Mr. Melton joined the Medical Device Company where he spent a total of five years. His duties with the Medical Device Company included research in the Hydrodynamics and Acoustics Branch and new device evaluation in the Office of Device Evaluation. He then spent two years with Blue Cross Research prior to his current position with the Radiology Department at Harvard University where he has been employed for one year.
Dr. Henry Dillard: Dr. Dillard is currently the Director of Clinical Services in the Physical and Occupational Therapy department at Harvard University. He has assisted in the launch and management of multiple clinical trials, which have set the standard for physical therapy care. Dr. Dillard will be assisting Premium Therapy in the management of its research.
Dennis MacDonald, J.D./MSCE: Mr. MacDonald's background includes experience in the field of structural engineering and the practice of law. He has worked with Johnson Structural Engineers and then later with Ford in structural engineering positions. He has pursued the practice of law for the past 28 years, with a focus of expertise in the area of intellectual property protection.
Management Team Gaps
The founders of Premium Therapy are actively seeking both an experienced CEO and a VP of Business Development. The desired profile for a CEO is an individual experienced in the medical device arena, ideally who was part of a previous successful start-up venture. The ideal VP of Business Development is an individual with experience in distributing and marketing products based on innovative biomedical technologies. Once recruited, the CEO and VP of Business Development will assist the management team in the search for a COO, a CFO, sales/marketing personnel, and technical personnel.
Dr. Nestor will serve as interim CEO, Mr. Su will serve as interim CFO, Dr. MacDonald will serve as Director of Research and Development, and Mr. Astov will serve as interim COO.
Personnel Plan
The Personnel Plan chronicles the growth of the organization to thirty employees in the first five years. Each year could require a few additional people besides those indicated, based on the growth of the company in accordance with the Business Plan.
Prior to funding, the four principals will be the sole employees and salaries will not be paid unless outside grants are secured. Once funded, the company will hire additional personnel and the principals will begin to earn salaries. See Appendix H for total payroll and headcount.
