The Wall Street Journal recently reported on the rise of life science companies turning to outsourced CFOs for industry-informed leadership during their early stages, when capital efficiency is paramount and internal resources are almost exclusively focused on research and development. And yet, the advantages of a flexible, scalable finance function apply equally to companies approaching liquidity and operating well beyond. We regularly guide life science companies through IPO preparation and execution, in addition to post-effective SEC compliance and operational accounting. We've recently augmented support for these companies with the offering of internal control and risk management compliance services.

Companies embarking on an IPO should adopt a public company mindset as early as possible, ideally one year in advance. Important proactive steps include evaluation of current and future state internal control and corporate governance readiness, creation of standards and policies, and assessment of corporate governance and financial reporting gaps. For newly public companies, disclosure controls and supporting internal control procedures are required on day one. Our goal is to implement sustainable solutions for clients to maintain effective, on-going internal control and risk mitigation programs.

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Danforth's Jeff Rona , Managing Director, offers insight on the value of partnering with an outsourced CFO during turbulent times.

When you miss a key clinical endpoint or milestone, life at a start-up gets complicated fast. Life science companies have to face a myriad of issues that can trip up a company in a hurry. These issues, whether clinical, science or finance-related, are unique and particular to each company -- which makes applying precedence difficult. When you do have an issue, the spotlight is on the management team to triage, plan and remediate.

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We welcomed nearly 20 new and returning clients in Q3, including the following companies.