DUARTE, Calif., June 7, 2022 /PRNewswire/ -- Prolacta Bioscience®, the world's leading hospital provider of 100% human milk-based nutritional products for critically ill, premature infants, announced today that top-ranked analyst David Steinberg has been appointed as chief financial officer. He will be responsible for overseeing Prolacta's financial operations, including financial planning, reporting, accounting, business development, and investor relations.
Steinberg brings nearly three decades of experience in biopharmaceutical equity research to Prolacta's executive team. As one of the first analysts to introduce specialty pharmaceuticals to Wall Street as a major growth opportunity about 25 years ago, Steinberg has a long list of accolades. He has been regularly voted by portfolio managers to the Institutional Investor "All America Research Team." Most recently, he was ranked No. 2 in the sector for 2021 and has been recognized as a top stock picker by surveys such as The Wall Street Journal's "Best on the Street." Steinberg was also known for detailed "deep dive" financial reports on such topics as orphan drugs, attention deficit hyperactivity disorder, thyroid eye disease, narcolepsy, Latam Pharma, and a multiyear series on mergers and acquisitions (M&A) titled "Who's Next?"
"David's extensive experience is well recognized and respected within the industry," said Scott Elster, CEO of Prolacta. "His deep knowledge of the biotechnology and pharmaceutical sectors is reflected in the tremendous success achieved by the teams he has led. David's financial leadership and foresight will be key to furthering Prolacta's mission of improving the health and lives of more critically ill, premature infants globally through human milk nutrition. We are fortunate to have such a highly respected leader on our executive team."
Prior to joining Prolacta, Steinberg served as managing director for Jefferies and Deutsche Bank. In addition to being widely recognized as a thought leader in the life sciences industry, he has deep expertise with capital fundraising and has been instrumental in launching more than 50 successful pharma and biotech initial public offerings (IPOs), and he has been involved in helping entrepreneurial biopharmaceutical companies raise more than $25 billion in equity and equity-linked securities.
"It is an honor to join Prolacta, a pioneer and leader in human milk science, especially during this period of global expansion," Steinberg said. "As evidenced by its year-over-year growth, Prolacta is poised for continued success. I'm excited to be in a position to help foster Prolacta's growth so even more premature infants can benefit from its life-saving products. As CFO, I look forward to growing the business alongside our talented management team, helping to further improve the financial outlook, and working with the research and development team to fund the development of novel pharmaceutical products that will meaningfully improve patients' lives."
Steinberg earned his Bachelor of Arts from Colby College and received his Master of Business Administration from Harvard Business School.
About Prolacta Bioscience
Prolacta Bioscience® Inc. is a privately held, global life sciences company dedicated to Advancing the Science of Human Milk® to improve the health of critically ill, premature infants. Prolacta's 100% human milk-based nutritional products have been evaluated in more than 20 clinical studies published in peer-reviewed journals. More than 80,000 premature infants have benefited from Prolacta's nutritional products worldwide to date.1 Established in 1999, Prolacta is the world's leading provider of human milk-based nutritional products for hospital use and is also exploring the therapeutic potential of human milk across a wide spectrum of diseases. Prolacta maintains the industry's strictest quality and safety standards for screening, testing, and processing donor human milk. Operating the world's first pharmaceutical-grade human milk processing facilities, Prolacta uses vat pasteurization and a patented, FDA-reviewed manufacturing process to ensure pathogen inactivation while protecting the nutritional composition and bioactivity of its human milk-based products. Prolacta is a global company with headquarters in Duarte, California, and can be found online at www.prolacta.com, on Twitter, Instagram, Facebook, and LinkedIn.
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1. Estimated number of premature infants fed Prolacta's products from January 2007 to December 2021; data on file.
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SOURCE Prolacta Bioscience