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Jennifer Archibald: Rising from the ashes

CFO's skills helped Vancouver-based Cardiome Pharma Corp. rebuild during a major reorganization in 2012
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Rob Kruyt photo

Jennifer Archibald, CFO at Cardiome Pharma Corp. (Nasdaq:CRME; TSX:COM), was instrumental in guiding the Vancouver-based specialty pharmaceutical company as it rose from the ashes of an aborted deal and rebuilt during a major restructuring.

A chartered accountant, Archibald joined Cardiome as its director of finance in 2006. She was promoted to CFO in 2012 when the company faced bankruptcy after Merck & Co. Inc. withdrew from a development deal resulting in Cardiome’s valuation dropping from more than $700 million to under $20 million.

Archibald, a Business in Vancouver Forty under 40 winner in 2014, was immediately tasked with overseeing a significant downsizing. A decision to eliminate the company’s research and development resulted in a layoff of about 80% of its staff. Cardiome moved out of its leased space, including two labs and three floors of office space, in two weeks to cut costs. With only 10 employees remaining, no assets and $50 million in debt owing to its partner, the company’s future was unclear.

After successfully negotiating with Merck to save the company, Archibald led Cardiome through debt restructuring, a return of product rights and retention of the company’s public listing, which was at risk of being dropped by Nasdaq. The turnaround was topped off in 2013 when Cardiome acquired Correvio LLC, a Swiss specialty pharmaceutical company five times its size.

“It was a transformation,” Archibald said. “It’s a very different company now.”

Turning Cardiome around was one of her greatest challenges so far, she said, adding that the company’s next goal is to become profitable.

“The company is at an inflection point,” she said. “We’re very close to profitability now. It’s in sight and we have aggressive plans to get there.”

Archibald continues to help set the company’s strategic direction and is directly involved with the negotiation of distribution and product acquisition arrangements. Over the past three years, she has led multiple equity and debt financing transactions totalling US$60 million, and put in place a US$30 million at-the-market offering and a US$20 million private equity line.

During Archibald’s reign as CFO, Cardiome’s valuation has increased fourfold and its head count tenfold, and the company is close to breaking even, which is rare for a Canadian biotech. Four years ago, Cardiome’s market cap dropped to below $20 million, but it has since climbed as high as more than $150 million. Today, the company has 110 employees around the globe and sells its products in more than 60 countries. Cardiome has two marketed cardiology products, Brinavess and Aggrastat, and commercialization rights for two others, Esmocard and Trevyent.

Born in Hong Kong, Archibald, 41, moved to Canada when she was eight with her older sister to live with grandparents in Edmonton, while her parents remained in Hong Kong. When she was 11, she and her sister moved to Vancouver to live with family friends. She later earned a bachelor of commerce from the University of British Columbia and articled for KPMG, where she got a full-time job after graduation. The Jim Pattison Group later recruited her to manage its accounting department.

She now lives in Vancouver with her husband, Chris, a teacher at Burnaby North Secondary School, and their three young children.

“I’m quite happy with my family life,” said Archibald, who is required to travel extensively for her job. “Trying to juggle [work and family] is challenging. It’s really time management and planning. The kids are used to their mom travelling and using Skype.”

Setting priorities, having limitless ambition and working hard are key to being a successful CFO at a small public company, she said.

“Think big and act big. If you have ambition and you want to be big, you need to act big and make plans for that. We’re still here today because of that thinking.”

Successful CFOs are brimming with passion, selflessness, perseverance and the recognition that their role is a huge responsibility, she added.

“To be great at anything you need passion. There’s always an option and there’s always a solution. Always keep the bigger picture in mind.”

As far as life lessons go, Archibald takes a philosophical approach and is thankful for various challenges along the way.

“Those experiences, if you persevere through them, are what contribute the most to inner growth by building character, strength and resilience,” she said.

Cardiome CEO Bill Hunter said Archibald has brought a broad skill set to the company, calling her “very diligent, detail-oriented, methodical and meticulous.”

Hunter, a medical doctor, said dismantling and rebuilding the company has been one of Archibald’s greatest contributions at Cardiome.

“This company was severely broken,” Hunter said. “The business had to be torn down to nothing and rebuilt in a totally different direction. It was basically a startup redo.”

Join us June 2 when Business in Vancouver celebrates the 2016 BC CFO Awards at the Four Seasons Vancouver. For further information or to register for the event visit the events page at www.biv.com/cfo.