CFO Outlook: Driving Open Orphan’s sustainable performance and profit with Leo Toole

In this episode of the EY CFO Outlook podcast series, Group CFO for Open Orphan, Leo Toole tells host Vincent Wall about how a highly specialised approach to clinical trials is proving very successful for a young Irish company. He also describes how he is helping Open Orphan to “control [its] own destiny…by driving sustainable performance, profit, and cashflow”. Open Orphan is a Clinical Research Organisation (CRO) with a difference. While most CROs recruit people who are already infected with a disease for their trials, Open Orphan takes healthy patients, gives them the infection, and then runs the trial. This model, according to the company’s CFO Leo Toole, allows them “to get better data sooner, better drugs sooner, [and therefore] better outcomes sooner for patients”.  As a result, the clinical and operation risks for Open Orphan’s partners are radically reduced. And, with big pharma currently investing heavily in infectious disease programmes, this young company is now growing rapidly and is already profitable. Leo and Vincent also discuss; ·         The world-first COVID 19 trial which Open Orphan is delivering is delivering on behalf of the British government  ·         Leo’s views on the mindset of a successful CFO·         Leveraging technology to increase efficiency and drive productivity ·         The importance of developing a strong communication profile with investors  What Leo has learned about avoiding ‘analysis paralysis’ from Open Orphan’s dynamic co-founder, Cathal Friel.