International Corporate Finance

President of Ferrari Financial Services S.p.A.

Corporate Controller at Fiat Chrysler Automobiles

US from 2002 to 2014

Prior to being appointed Ferrari CFO,

Alessandro Gili held multiple posi-

tions within Fiat, FCA and FCA US,

in the financial and accounting de-

partments.

After accompanying FCA in its Wall

Street launch, as Ferrari CFO he took

an active part in the IPO which saw

the Italian sports-car maker listed

on the New York Stock Exchange in

October 2015. The total value of the

company is around $10 billion.

The deal is part of a series of transac-

tions intended to fully separate Ferrari

from FCA, which plans to transfer its

remaining 80% stake in the company

to its own shareholders. After the deal,

the company’s board moved to reas-

sure Ferrari lovers that the IPO was

not the first step towards mass pro-

duction.

Alessandro Gili

CFO, FERRARI

Has raised or restructured in excess of $500m of

equity or debt capital over the course of his career

Was honored with “Silicon Valley CFO of the Year

Award” in 2012

Bill Zerella joined Fitbit as its CFO

in June 2014. He was instrumental

in the US-based fitness device ma-

ker’s IPO, which made waves on Wall

Street by raising nearly $740 million

and subsequently getting valued at

$4.1 billion. In a recent interview with

Yahoo Finance following the IPO, he

said, “We’re very disciplined financial-

ly. We want to continue to grow the

company rapidly but we also want to

earn decent returns and generate good

cash flow and good earnings.” Before

Fitbit, Zerella worked at a multitude

of companies in senior executive fi-

nance positions, including Vocera

Communications, Calient Networks,

ICTV, Deloitte and Pace, Inc. He has

made a reputation for himself by de-

monstrating a strong ability to scale

growth stage businesses.

Bill Zerella

CFO, FITBIT

Graduated in Chemical Engineering at

Monterrey Tec

Member of the GSB Alumni Association’s

Board of Directors at Stanford

Eugenio Garza was CFO at Casas Javer

from February 2008 until December

2012, when he became CEO. With

great experience in finance, Garza was

Vice President at Goldman Sachs for

almost eight years and Managing Di-

rector at Merrill Lynch for another two

years, where he also served as head of

Investment Banking for Mexico.

Thanks to Mr. Garza’s growth strate-

gy for the company, Javer consoli-

dated its position as the largest

housing development company

in Mexico and was actually Latin

America’s first company to launch

an Initial Public Offering in 2016.

Although the LATAM market has

experienced a severe decline in re-

cent years, Mexican companies re-

mained on top of their game relea-

sing seven IPOs in 2015.

Eugenio Garza

CEO, CASAS JAVER

Leaders League. Why did you initiate

this IPO?

Miguel Sieler. We began 2016 with

around €6 million cash-in-hand, and we

expect additional inflow from a R&D cre-

dit reimbursement. Conducting phase 2B

of a clinical study with 178 patients wor-

ldwide, requires a cash burn of €800,000

to €900,000 per month.

The success of this operation will allow

Neovacs to strengthen its financial structure

and to obtain additional resources to fund

its operations and, in particular, the cost of

clinical trials, preclinical and industrial exter-

nal for the treatment of Lupus, with the IFNa

Kinoid under phase IIb study in progress.

After obtaining the IND in the United States,

the signing of two important partnerships

and the recent approval by the European

authorities of our Phase IIa study in Derma-

tomyositis, Neovacs has reached, thanks to

the success of this operation, a new miles-

tone in the pursuit of its objectives.

Leaders League. What different ways of

financing did you have?

M. S. A biotech company like ours is

constantly analyzing optimum resources of

financing that need to correspond to seve-

ral criteria: sufficient funding, limited cost

of financing, trying to limit as much as pos-

sible the dilution of existing shareholders.

We have a very high free-float, which has

positive consequences – ours are probably

the most liquid biotech securities on the

Alternext market of Euronext Paris.

Our capital increase targets were our

shareholders, in order to keep stability

regarding ownership dilution, but in the

longer term, it would be great for Neovacs

to increase the share of institutions.

In addition, we have an equity line with

Kepler Cheuvreux of up to €13 million.

We also have other tools for meeting fu-

ture financing needs: we have made a pri-

vate placement of $7.5 million last year in

the USA. We continuously evaluate all the

possible tools while bearing in mind the

financing needs of our company, and have

the least possible effect with regard to di-

lution of shareholder ownership stake.

THE SUCCESS

OF OUR CAPITAL INCREASE

WILL ALLOW NEOVACS

TO STRENGTHEN ITS

FINANCIAL STRUCTURE

“NEOVACS is constantly analyzing

optimum resources of financing”

Miguel Sieler

Managing Director, NEOVACS

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