Cover Story
Sean McDonald
president and CEO, Precision Therapeutics Inc.
Smart Business Pittsburgh | October 2009
2009 Pacesetters: Midsized | EstablishedSince becoming president and CEO of Precision Therapeutics Inc., Sean McDonald has definitely made a positive impact. He’s shown his willingness and proven his ability to master a wide range of unfamiliar issues in the complex world of oncology, including clinical studies, technical laboratory processes, reimbursement and billing, and physician relationships.
McDonald constantly challenges himself and his employees to come up with creative solutions in an ever-changing business climate and has shepherded Precision through multiple rounds of venture capital investment, an initial public offering and a special purpose acquisition company.
When market conditions led to the withdrawal of the IPO and SPAC, McDonald showed his unwavering commitment to the company once again and has gone back to investors to raise at least $30 million in new investment funds — Precision’s largest round of capital. This new round of funding will bring the life sciences company’s total venture capital intake past the $100 million mark.
Precision’s business strategy focuses on clinical data, research and development, and sales and marketing. The company has several completed studies and many more in development in various types of cancer. The goal is to have data from large, well-controlled studies further demonstrating the accuracy and clinical utility of the company’s product in predicting patients’ responses to chemotherapy.
McDonald leads the company with a hands-on approach. He has an open-door policy and works to create a dynamic corporate culture by encouraging input and accountability from all employees.
He encourages Precision’s support of oncology programs by sponsoring and attending education, research and advocacy events. He also encourages employees to educate themselves about their jobs and business by attending conferences, seminars and tradeshows.
He has also been instrumental in recruiting and retaining top-notch executives with proven track records to lead the management team and attracting key opinion leaders in oncology to serve as speakers and advisers for the company.
He also leaves a positive impact on the community. He serves as chairman emeritus of the Pittsburgh Technology Council, serves on the board of directors for Respironics and is also chairman of the board of Aethon, a venture-capital-backed company developing autonomous robotics for the health care market.
How to reach: Precision Therapeutics Inc., (412) 432-1500 or www.ptilabs.com
