Danforth Advisors LLC, a Massachusetts-based provider of operational accounting, finance support, and CFO services, announced this week that it has established new operations in Dallas—lured here by the growing profile of the life sciences sector in Texas.
Local resident Mariam Morris has been named managing director of the Dallas office. Morris told Dallas Innovates that when she began her relationship with Danforth in August, she started talking about the untapped potential in Texas.
Financial services in life sciences could become a thriving arena in Dallas-Fort Worth. Texas is quickly becoming a leader in life sciences and is home to the world’s largest medical center, 11 medical universities, and $5.3 billion in annual research & development expenditures.
Dr. Hubert Zajicek, founder & CEO of Dallas’ Health Wildcatters, says that North Texas is attracting firms that see the region for its potential.
“There has been a lot of strength in life science startups in our region and Texas in general, and the move of West or East Coast firms into Texas is a logical result of that,” Zajicek told Dallas Innovates. “We believe that there continues to be a lot of potential for growth in our industry and Dallas is a logical nodal point to service Texas and the Southwest.”
To show how successful the sector is, Morris pointed to Texas’ third-place ranking nationally in the number of clinical trials underway (roughly 20,000), and local biotech giants like Fort Worth’s Alcon and Galderma Laboratories.
Danforth is ready to innovate in Dallas
Founded in 2011, Danforth provides integrated and scalable consulting teams ranging from controller through CFO for life sciences companies. The Dallas operation will offer C-level advisory and resources that will span the breadth of a flexible, outsourced finance team.
In addition to Dallas, Danforth is opening a new office in Pittsburgh. The announcement comes on the heels of the firm’s expansion into the New York metro area, Philadelphia, and Boulder, Colorado.
Morris will oversee growth initiatives in Danforth’s greater south region. She brings 25 years of experience leading finance and strategic planning for life science companies, both in corporate and consulting roles.
Morris said the Danforth’s services allows startups to fulfill their missions of innovation. “They don’t need to do more, they need to do what they do best which is create and innovate,” she says. “When a biotech is first starting up, what you’ll find is a lot of the resources in the company are for the innovation part. Funding is secondary.”
And, she says Danforth could help blooming businesses go through the process of finding funding, and then help them manage those finances.
“We know your resources for innovation,” she says. “Let us come in and do your financials.”
Morris says the Danforth office will be opening in the coming months, but no address is firmed up yet.
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