In Memorium - Richard J. Berman, JD, MBA
We deeply mourn the recent passing of one of our key founders,
Richard J. Berman, JD, MBA.
Richard Berman’s business career spanned over 35 years of venture capital, senior management, and merger & acquisitions experience. In the past five years, Berman has served as a director and/or officer of over a dozen public and private companies. Currently, he is director of four public NASDAQ companies - Cryoport Inc., Comsovereign Holding Corp., BioVie Inc., Context Therapeutics. Over the last decade he has served onthe board of five companies that have reached over one billion in market capitalization - Cryoport, Advaxis, EXIDE, Internet Commerce Corporation, and Ontrak (Catasys).
Previously, Berman worked at Goldman Sachs; was Senior Vice President of Bankers TrustCompany, where he started the M&A and Leveraged Buyout Departments. Subsequently, he created the largest battery company in the world in the 1980s by merging Prestolite, General Battery, and Exide to form Exide Technologies (XIDE); helped create SoHo, NYC by developing five buildings. He advised on over $4 billion M&A transactions, completing over 300 deals.
Berman is the past director of the Stern School of Business of NYU where he obtained his B.S. and M.B.A. degrees. He also has U.S. and foreign law degrees from Boston College and the Hague Academy of International Law, respectively.
Berman was a director of four public NASDAQ companies:
BIOVIE INC. - BioVie is a phase 3 company developing innovative drug therapies for liver disease. The company started its P2b/3 clinical trial In October 2020. The company raised over $38 million and up listed to NASDAQ. The company acquired NeurMedix (in 2021) which has advanced clinical treatments for Alzheimer's and Parkinson’s.
CRYOPORT, INC. - (NASDAQ: CRYX) - The company is the leader in the cryogenics, logistics, and storage market in the pharmaceutical industry. Sales have grown from less than $1 million in 2014 to $222 million last year. This company is partnered with FedEx, UPS, and DHL and will generate sales of roughly $275 million-plus this year and over $500 million in 2 years. Cryoport has cash of over $550 million and an EBITDA of about 10% of revenues in 2022. Cryoport is one of the fastest growing companies in the United States with a market cap of $2 billion.
CONTEXT THERAPEUTICS - The company has two products in phase 2 for breast and gynecological dependent cancers. The treatment involved a small molecule and immunology Richard is Chairman and Context recently completed an IPO and raised $60 million.
COMSOVEREIGN HOLDING CORP. - With projected 2022 sales of over $50 million, the company went public through a reverse merger with a successful drone company. The company is a leader in the drone, military, and 5G telecommunications field and is expanding rapidly. In Jan/Feb 2021 COMS raised $40 million and uplisted to NASDAQ. The company will concentrate its future efforts on the 5G field, where it is developing a substantial backlog.
Richard was also involved in several other companies which are either public, private, or trading on foreign exchanges including: Frontier Investment Corp, a $200 million SPAC completed in 2021 by JPMorgan; Genius Group, a world-leading entrepreneur ed-tech company from Singapore; Nova Minerals Ltd, a gold and lithium company based in Australia with a market cap of $125 million; and Traqiq, Inc, a last mile and fintech company projecting a year end run rate of $20 million. The majority of its operations are based in India.
In addition to advising companies that are going public in drone, dental, and medical device business, Berman was also active in robotics (Cheetah) as indicated below:
CHEETAH ROBOTIC PARKING SYSTEMS INC. - A unique and patented robotic parking system that is being adopted in several markets. The company was launched in 2020, where Berman was the director of this private company.
Four former corporate engagements:
ONTRAK INC. (NASDAQ) - From 2005-2019
Leads the Healthcare industry in improving health and reducing claims costs for people with chronic disorders such as substance use disorder, anxiety, and depression. Sales have soared from half-million per quarter to run a rate of over $80 million for 2021. Berman was the director of this company from 2015-2019.
NATIONAL INVESTMENT MANAGER, INC. - From 2005-2012
Chairman of this leading pension management company with $12 billion under administration. EASYLINK SERVICES INTERNATIONAL, INC. - Provider of B2B solutions for businesses to connect with their trading communities - revenues fiscal year 2012 of $180 million and EBITA approaching $50 million. Berman was previously Chairman and CEO who helped the company raise over $30 million. The company was sold in July 2012 for $310 million to Open Text.
REAL ESTATE - From 1980 - 2014
Acquired nine commercial/office real estate buildings valued at roughly $100million. Sold the last four in 2014.
BANKERS TRUST COMPANY - From 1975 – 1982
Senior Vice President, Bankers Trust Company, Head of Mergers & Acquisitions Leverage Buyout departments. Completed over 300 acquisitions for various domestic and foreign clients; built the department to the #1 position in the commercial banking field; started the LBO department. In 1979 initiated and financed KKR’s first LBO, Houdaille Industries Inc. Houdaille, became the first public company to go private through leveraged buyout.
NORTON SIMON, INC. - From 1970 - 1974
Director of mergers & acquisitions. Involved in over $1 billion acquisitions and divestitures, including Max Factor, Canada Dry, McCall’s, Tanqueray, Hunt Foods, and Johnnie Walker.
Education:
Special Certificate, Hague Academy of International Law
J.D. Boston College Law School
M.B.A in Finance, New York University (Stern)
B.S. New York University (Stern)
Nominated Director of the Year in 2012
Other:
Contributing Author: Handbook Mergers, Acquisitions, Prentice Hall
Black Belt, Karate 3rd degree
Life member of Sandwich Glass Museum