Former CEO of Spirit Airlines Completes Investment In CrossWork Pre-IPO Fund.  Co-Inventor of Lipitor, A Top Selling Drug Of All Time, Joins CrossWork Board of Advisors.

The former CEO of Spirit Airlines, Ben Baldanza, and a co-inventor of Lipitor, Charles Bisgaier, have recently joined CrossWork’s pre-IPO advisory board. During Mr. Baladanza’s tenure at Spirit, Spirit completed a successful initial public offering (IPO) on the New York Stock Exchange and grew rapidly. Under his leadership, Spirit Airlines’ stock price increased from an IPO price of $12 to a high of around $82 dollars. This equates to almost $10 billion in value creation under Mr. Baldanza. Mr. Baldanza’s deep strategic insights and leadership success will be of great value to CrossWork’s portfolio companies. Charles Bisgaier, a co-inventor of Lipitor, has made multiple revolutionary contributions to medicine and life saving drugs and therapies. Lipitor’s sales alone exceed $170 billion. Mr. Bisgaier’s companies are currently leading developments in key gene therapies related to CRISPR-cas9 which is considered to be one of the most promising developments in modern medicine.  CrossWork Partner, Steve Ogunro, added “at CrossWork we look forward to working with Charlea Bisgaier on bringing successful innovations to major market success and we are honored to work with Ben Baldanza on a range of attractive pre-IPO opportunities globally.”

 

Descriptions

Basil Ben Baldanza was the Chief Executive Officer and president of Spirit Airlines from 2005 to 2016. During his tenure, Mr. Baldanza devised and led  a highly successful plan to transform Spirit into an ultra-low-cost carrier.  In addition to taking Spirit from IPO to a market capitalization that nearly reached $10 billion, Spirit airlines became profitable in a period in which many airlines struggled to stay in business, in fact, Spirit earned 40% more per airplane than any other U.S. airline. Many airlines around the world subsequently adopted the strategy and leadership approach created by Mr. Baldanza. Mr. Baldanza currently serves on the boards of JetBlue Airways, Six Flags Entertainment, and Go First. 

Dr. Charles Bisgaier has an extensive 40 years of experience in drug discovery, research and preclinical and clinical development in both large (Parke-Davis/Warner-Lambert and Pfizer) and small pharmaceutical companies. His experience has led to multiple successful pharmaceutical, medical device projects or companies. He and his teams developed or discovered key cardiovascular, metabolic disease, neurological and oncology assets including those for prevention and treatment of common and rare diseases. Assets he participated in developing include LOPID (gemfibozil), Lipitor (atorvastatin calcium), NEXLETOLTM (bempedoicAcid), Gemcabene, the dNAVTM medical device, PNT-2258, CETP inhibitors, ETC-216, DT-678, and BF844. Dr. Bisgaier also serves on the board member of Diapin Therapeutics and Hygieia Medical, is a scientific advisor to Imagine Pharma and to the Usher Ill Initiative. He co-founded Esperion Therapeutics, Michigan Life Ventures, Michigan Life Therapeutics, Gemphire Therapeutics, and recently GeneToBe. GeneToBe focuses on rare diseases and utilization of next-generation Crisper/Cas9 technology. Dr. Bisgaier is a named inventor on many patents, patent applications, and has published around 100 peer reviewed manuscripts and reviews.

CrossWork.us named “2021 Best Pre-IPO VC Fund Manager – USA”. CrossWork manages the CrossWork Midas pre-IPO fund. CrossWork’s Midas fund investors include current and former employees of Facebook, LinkedIn, Robinhood, Morgan Stanley, Goldman Sachs and other successful executives.

117%, on average, was returned over 2 years to pre-IPO investors in companies that went public in 2020, provided they had a prior valuation of at least $1 billion according to Crunchbase. CrossWork’s Midas Fund targets investments in these hard-to-access companies. CrossWork’s Midas fund invests in grade A pre-IPO opportunities and employs powerful risk reduction and return enhancements not available in other funds.

A CrossWork Midas investment may only be purchased by accredited investors. Further, past results do not guarantee future results.  See risks at https://crosswork.us/risk-factors-disclosures-2/