The rapidly growing Tampa biotech firm accelerates toward an IPO.
Syndaver, a Tampa biotech firm that manufactures lifelike synthetic human and animal bodies for medical and veterinary training, has set its sights on an IPO in 2020.
To get there, it recently added a CFO, Terenze Terenzi. He's assisted household names like Eckerd Drugs and Checkers Drive-In restaurants with SEC offerings and the IPO process, according to a press release about the hire.
Syndaver founder and CEO Christopher Sakezles tells Coffee Talk the company's rapid growth — it’s on track to hit $20 million in revenue this year and projects that to increase to $50 million in 2019 — presents an opportunity to expand into emerging markets like human organ generation, life extension and human ability augmentation.
And by 2020, Sakezles projects, "we’ll have three years of audited financials showing double-digit growth, and we will have moved from being exclusively a simulation company to an actual medical device manufacturer. It’ll be an ideal time to move into the public markets because we’re going to need tons of money to execute on our business plan.”
Sakezles expects Terenzi, who also has a background in property development and restaurant operations, to be a key player as the company prepares to go public and launch new business units.
“Up until this point, all of our finance operations had been farmed out to outside accountants, so all of that stuff will be brought in house," Sakezles says. "But in the bigger picture, [Terenzi] has experience with large investors and taking companies public, and he’ll bring another type of counsel to me in terms of moving forward with new products and new ways to get products in customers’ hands.”
Sakezles says Syndaver will increase its sales and marketing team as it eyes the IPO. He expects to hire an additional 30 to 40 people to help meet the goal of doubling or even tripling the size of the company and getting the Syndaver name in front of as many investors as possible. “Sales and marketing," he says, "is the last piece of the puzzle for us."