Under Chris Clark's financial leadership, medical company Neovasc, has achieved exceptional results in strategic partnerships, critical financings and revenue growth.
Originally from the U.K., Clark studied economics in Swansea University and did a post-grad in Oxford University, before he became a chartered accountant with KPMG in the U.K. In 1998 he moved to KPMG's Vancouver office. Since then he's worked for a number of companies in the city before he came to Neovasc in 2007.
"Chris has 20 years of finance and accounting experience to draw upon when making key decisions," said Joseph Garcia, a lawyer with Blakes, Cassels & Graydon LLP. "Chris has been a vital member of the leadership team that has grown revenue by 415%."
Clark was instrumental to the survival of the company during the financial crisis. In 2008 he negotiated an agreement with American company, LeMaitre Vascular, to distribute Neovasc's products. This provided critical cash flow during those difficult times.
In 2009 Clark guided Neovasc into new markets. He offered the company's research and development capabilities on a consultancy basis, and streamlined their research efforts to focus on key products such as the Reducer, a devise for the treatment of refractory angina. This meant Neovasc retained its research and development staff.
Clark is an active community member and a big supporter of Vancouver greenest city initiative. He regularly cycles to work and chooses suppliers based on their environmental credentials. In 2009 Clark climbed Mount Kilimanjaro for BC Children's Hospital and he regularly donates blood to UBC's centre for blood research. •
Q&A
Nomination remarks from Joseph Garcia, a lawyer with Blakes, Cassels & Graydon LLP
How has this nominee demonstrated leadership in finance?
In 2012, Clark spearheaded the monetization of revenues from an agreement with LeMaitre by selling the rights to the product line to the company for $4.6 million, providing the company with sufficient non-dilutive capital to fund its operations in 2013 and beyond. Clark was instrumental in securing $10.7 million over three years and anticipates receipt of an additional $2.9 million in August 2013 from expiring in-the-money warrants.
Since Clark's tenure, revenue has grown from $1.5 million in 2008 to $7.8 million in 2012 and market capitalization has increased from $1 million in December 2008 to over $100 million today. He has effectively managed resource allocations to meet the new demands of a growing organization by increasing personnel from 35 to 80 employees.
How has this nominee contributed to strategic decision-making and growth of the company?
Shortly after his arrival, Chris was charged by the board with finding a new business model that would allow for the transformation, sustainability and growth of the company. In July 2008, Chris, alongside CEO Alexei Marko, was instrumental in researching and acquiring two Israeli companies as part of a greater strategy to grow by acquisitions. In 2009 when the financial crisis impacted Neovasc's ability to pursue this growth path, Clark was key in the decision to redirect the company's efforts toward organic growth.
How has this nominee demonstrated a commitment to sound ethics and reporting?
As the financial leader of a thriving public company in a competitive and highly regulated industry, there is little margin for error. Clark oversees financial reporting and corporate governance with a quiet, steady and transparent approach. He consistently rallies the resources necessary to meet and exceed corporate targets, while simultaneously earning the trust and respect of the Neovasc board of directors, investors, employees and industry stakeholders. Clark has shown that profitability does not have to come at the expense of corporate social responsibility.
How has this nominee demonstrated contributions to sustainability and community initiatives?
Clark tries to think globally and act locally and as such is a supporter of Vancouver's greenest city initiative. Clark also supports charities in the local community. He has raised $3,500 for BC Children's Hospital by climbing Mount Kilimanjaro with the 2009 Summits of Hope team. Clark is committed to raising $2,500 in the 2013 Ride to Conquer Cancer. He has donated his home for the 2010 Kids Help Line Homes for Holidays Christmas tour.
