Griffin Securities, Inc., is a research driven investment banking firm providing corporate finance, merger & acquisitions, account management, trading and research services for Institutional, corporate and private clients. The firm is a member of the Financial Industry Regulatory Authority, Inc. (FINRA) and the Securities Investor Protection Corporation (SIPC). Griffin Securities, Inc. is headquartered in New York City and has no other domestic or international affiliates or subsidiaries.
Our Goal is to turn vision into value through quality work, integrity and business excellence. Our commitment to creating value is embraced throughout the organization, at every level - working together to find and deliver solutions - pursuing those opportunities that will create the greatest value for our clients and stakeholders.
Below, please find profiles of the Griffin Team.
Adrian Z. Stecyk, Chairman and CEO
Mr. Stecyk is a co-Founder of Griffin Securities. He has served as Chief Executive of Griffin Group plc, a London Stock Exchange, Alternative Investment Market listed company, Director of U.S. investments for U.K.-based Carter Barnard plc, and Managing Director of Griffin Capital Management, a registered U.S. investment advisor. Prior to entering the financial services industry, Mr. Stecyk served as VP of Product Development at publicly-listed Profit Technology. He began his professional career as an engineer with Charles Stark Draper Laboratory, a technology R&D company. Mr. Stecyk has a B.S. in Aerospace Engineering and an M.B.A. in Finance from Boston University. Print
astecyk@griffinsecurities.com | direct 212.509.7707 | cell 646.258.7269
Chrystyna M. Bedrij, Principal and Director of Research
Ms. Bedrij is a co-Founder, Principal, and Director of Research at Griffin Securities. She specializes in identifying “change the world” ideas that have the potential to create substantial returns. On behalf of Griffin Securities, Chrystyna oversees the group’s research department, which she launched in 2002, which focuses on Healthcare, Technology, and Value companies, currently covering approximately 40 companies ranging from $20 million to $14 billion in market capitalization. The research since inception 2002 through 2010 has returned on average over 40% per annum. She has also led the firm’s business development activities in other companies which were then acquired and has developed and implemented business strategies for a wide range of companies in the healthcare and technology industries. Ms. Bedrij previous successes include: Bone Care (BCII), which was purchased by Genzyme; Bioenvision (BIOV), which was purchased by Genzyme; various business development projects for Telcordia (previously owned by SAIC); Clinical Data (CLDA), which was purchased by Forest Laboratories; Cogenics, which was purchased by Beckman Coulter; Intrexon oncology partnership with Ziopharm (ZIOP); among others. Chrystyna Bedrij holds a B.A. in Economics from Vassar College and M.B.A. in Finance from New York University’s Leonard N. Stern of Business and also attended Harvard University. Print
cbedrij@griffinsecurities.com | direct 212.509.7708 | cell 917.929.1005
George E. Stephenson, Vice Chairman
Mr. Stephenson holds 30 years of experience at Merrill Lynch in Institutional Sales. His title at Merrill Lynch was Managing Director. Prior to Merrill Lynch, Mr. Stephenson served in various positions at White, Weld & Co. Incorporated and G.H. Walker, Laird Incorporated. Mr. Stephenson has a B.A. degree from Colgate University and an M.B.A. from New York University Graduate School of Business Administration. Print
george@griffinsecurities.com | direct 646.442.1446 | cell 908.256.5139
Richard R. Vietor, Senior Advisor
Mr. Vietor has over 30 years of experience in managing global biotech and pharmaceutical research and investment banking, including leadership roles in numerous IPOs, secondary offerings and mergers. He was a Managing Director at Merrill Lynch in the Global Healthcare Investment Banking Group that was ranked number one in healthcare-related equity and equity-linked transactions in 2001 – 2002. Additionally, he was an Institutional Investor-ranked research analyst for 12 consecutive years. Mr. Vietor also served as a senior executive at Emdeon Corp. (now WebMD, Inc.) and played a major role in the WebMD Health public spinout. He serves on the Board of Directors for several private healthcare companies. He has a B.A. from Yale University and an M.B.A. from Columbia University Graduate School of Business. He is also a Chartered Financial Analyst (CFA). Print
rvietor@griffinsecurities.com | direct 646.442.1447 | cell 917.969.9962
Larry S. Kopp, Vice Chairman
Larry Kopp is also the Managing Member of Globe Capital. Prior to Globe, Mr. Kopp was a Managing Director of The Russell Company, a premier money management firm with over US$1 trillion under management and consultation, globally, including the top Fortune 50 companies and the largest pension plans in Asia. Before that, Mr. Kopp served in several senior executive capacities at Citicorp, then the nation's largest global financial services holding company, in New York including the Chairman and CEO of Citicorp Insurance, President and CEO of Integrated Banking, and General Manager of the Bank Credit Card Business. Mr. Kopp also served as a venture capitalist and financial advisor at Warburg, Pincus & Co. Inc.; held numerous field and corporate posts at Trans World Airlines (TWA); served as Chair of the Advisory Board for the Business Program in the University of Washington at Tacoma; is and has been on the Boards and Executive Committees for the World Trade Center, The University of Washington Tacoma Campus Advisory Board, and the Symphony; and is also a Trustee of the Washington State Historical Society. He has also served on the Board of Directors and Advisory Committee of the Venture Investors Association of New York (formerly, known as the Venture Capital Association of New York). Mr. Kopp received his (High Honors) B.A. in Economics and Psychology from Stanford University and an M.B.A. in Marketing and Finance from Stanford University's Graduate School of Business.Print
lkopp@griffinsecurities.com | cell 253.905.7370
Bernard S. Carrey, Vice Chairman
Bud Carrey has been a practicing lawyer in the securities and corporate fields for more than 40 years, concentrating in securities law, corporate finance, mergers and acquisitions, and broker-dealer regulation. He was a partner of the New York law firm of Webster & Sheffield and formerly Senior Vice President and General Counsel of Telemundo Group, Inc. He also served as Vice President and Deputy General Counsel of Connecticut Mutual Life Insurance Company, where he directed legal and regulatory affairs for the financial services and investment groups. Bud is an adjunct professor at Vermont Law School, where he teaches Securities Regulation and Corporate Finance/Mergers & Acquisitions, and previously taught at Pace University School of Law. He is an arbitrator and mediator for FINRA and NYSE. Bud has been a frequent lecturer and panelist on legal and business organization programs on Securities Regulation, Corporate Governance and Corporate Ethics. Among Bud’s several community and professional activities, he is currently Vice Chairman of the Board of Trustees of Nantucket Cottage Hospital, an affiliate of Massachusetts General Hospital, and was formerly a Trustee of Community Hospital at Dobbs Ferry, NY. Print
bcarrey@griffinsecurities.com | cell 914.693.6066
Julia R. Lancian, Finance Director and Compliance Officer
Julia joined Griffin Securities in 1999. She is responsible for compliance with local, state and federal regulatory bodies. Julia earned the equivalent of an M.B.A. with focus on Finance and Marketing at the European Business School, Oestrich-Winkel, Germany (among top three business schools in Germany) in 1999. In addition, Julia completed advanced business studies at the University of California, Berkeley, Universidad de Navarra (Spain), and New York University. Print
julia@griffinsecurities.com | direct 212.509.6932 | cell 917.459.0560
Thomas J. McGahren, M.D., J.D., Senior Managing Director
Dr. McGahren brings diverse skill sets and expertise to his investment banking and strategic advisory position from his experience as a biotechnology analyst, consultant, attorney, and physician. Prior to Griffin, Tom was a Senior Director and senior biotech analyst at Merrill Lynch. Forbes ranked him the #1 Drugs Analyst in 2008. Prior to Wall Street, Tom was a litigator at the international law firm of Kaye Scholer from 1993 to 2001, where he represented pharmaceutical and biotechnology companies, particularly in patent, FDA, and corporate matters. Tom received his M.D. from the University of Virginia School of Medicine, a J.D. from the University of Texas School of Law, and a B.A. from Colgate University. Print
tmcgahren@griffinsecurities.com | direct 646.442.4253 | cell 917.826.8395
Howard S. Fischer, Managing Director
Howard Fischer is a former portfolio manager and research analyst with Silverback Asset Management’s Life Sciences fund. Previously, Howard was a senior investment banker with UBS Global Healthcare Investment banking. Print
hfischer@griffinsecurities.com | direct 646.442.4250 | cell 917.816.3088
Keith A. Markey, PhD, Scientific Director
Keith Markey is an equities analyst with more than 25 years of experience. In addition to conducting research, he provides advisory services on partnering/licensing, mergers/acquisitions, and financing for companies in the biotechnology, pharmaceutical, and medical device sectors. Previously, Keith held various managerial positions in the Value Line Research Department, supporting the Value Line Investment Survey with original research and by selecting stocks for coverage. He began his career as a biochemist, working in the fields of endocrinology and neuroscience. His research, which resulted in more than 30 publications, contributed to our understanding of regulatory biochemistry and stem cell plasticity. Keith has lectured on scientific and financial subjects and is a member of the Licensing Executive Society and the National Association of Science Writers. He earned a Ph.D. in Neurochemistry from the University of Connecticut and an M.B.A. in Finance from the Leonard N. Stern School of Business at New York University. Print
kmarkey@griffinsecurities.com | direct 212.514.7914 | cell 908.334.3008
Christine T. Fischette, Ph.D, Senior Advisor
Christine Fischette has over 25 years of experience in the Big Pharma/Biotech industry, having spent the majority of her career at Roche, Pfizer, and Novartis, where her last Big Pharma position was Head of Negotiation for a number of Therapeutic Business Franchise Units. She has executed multiple deals involving a variety of deal structures with large and small U.S., European, and Asian entities. She has had “hands-on” experience in general management, business development, and she was head of Pfizer’s U.S. commercial group for diabetes, having brought a diabetes drug, Glucotrol XL, to market, which eventually reached $350 million in sales. She directed its clinical development from IND to NDA to medical marketing, and prior to that engaged in bench research where she has over 50 publications, including Science. Print
cfischette@griffinsecurities.com | direct 646.442.4252 | cell 973.978.0671
Jay D. Kranzler, MD PhD, Senior Advisor
Dr. Kranzler is Chairman Emeritus, Founder, and former Chairman & CEO of Cypress Biosciences, Inc., which focuses on pain and central nervous system conditions. Dr. Kranzler developed a fibromyalgia syndrome drug from concept to market, including the design of clinical trials and regulatory path through Phase III trials and FDA approval. Dr. Kranzler is a recent recipient of the Award for Innovation from the International Society of CNS Drug Development. He is also an Executive in Residence at UCSD Rudy School of Management and an Adjunct Professor at the NYU Stern School of Business. Formerly, he was President & CEO of Cytel Corporation, a biotechnology company focused on immunology drug development, and a Management Consultant at McKinsey & Company, where he helped establish the Pharmaceutical Industry Practice. Dr. Kranzler has an M.D. with a focus in psychiatry and a Ph.D. in pharmacology from Yale University. Print
jkranzler@griffinsecurities.com | direct 646.442.1445 | cell 858.349.2323
John R. Toedtman, Senior Advisor
Mr. Toedtman’s 40 year business career includes senior management roles ranging from Fortune 100-company, Engelhard, to five entrepreneurial companies in the medical device, generic drug and healthcare IT sectors. He has been a board member of seven public companies and brings to Griffin’s clients substantial experience in M&A, technology transfer and corporate strategy. He was a Managing Director, Investment Banking, at Bluestone Capital. He has a B.A., Economics and M.A., International Economics, both from Georgetown University. Print
jtoedtman@griffinsecurities.com | direct 646.442.4249 | cell 908.229.9962
Morris Ajzenman,CFA, Senior Research Analyst
Morris Ajzenman, CFA, has 30 years of experience specializing in small-capitalization companies. His career includes co-managing $4 billion in assets for Lazard Asset Management, $2 billion at Mitchell Hutchins (division of Paine Webber), as well as managing long/short portfolios at 2 other firms. Morris’ approach is designed to identify companies that are expected to remain profitable, particularly during recessions. Morris focuses on companies that: generate free cash flow; sell at low multiples of C/F; have little debt; have appropriate levels of cash; have conservative accounting practices (e.g. where companies do not delegate liabilities to only footnotes); have a "moat around its castle"; have a catalyst or strategic action by management to unlock value; and, stocks selling at historic low valuations. Print
morris@griffinsecurities.com | direct 646.442.1442 | cell 516.503.6611
Morris Ajzenman,CFA, Senior Research Analyst
Mr. Vleeschhouwer has over thirty years of research analyst experience. He has covered the technology sector since 1983, including more than 20 years of consistent coverage of the design software market. In addition to software research, he has over the years covered the imaging technology and computer hardware sectors. He was a senior analyst and managing director with Merrill Lynch, prior to which he was with such firms as Josephthal Lyon & Ross, Bear Stearns, and Cantor Fitzgerald. His work has been recognized on numerous occasions in the annual Institutional Investor and Greenwich Associates rankings of analysts, and he has been invited to present at various industry and corporate conferences and events on his perspectives of the software and imaging technology industries. Mr. Vleeschhouwer received his B.A degree, in Economics and Political Science, from the University of California, Los Angeles, and his M.B.A. degree from the University of California, Berkeley. Print
jvleeschhouwer@griffinsecurities.com | direct 646.442.4251 | cell 917.543.2576
Donna Izzo, Director of Trading
Donna Izzo has been on Wall Street for over 30 years. She began her career working at Merrill Lynch Asset Management while attending Pace University, where she studied Economics and Finance. She spent nearly 20 years on the buy side working for such firms as Century Capital Associates, Martin B Perlman Associates, Zweig Dimenna Associates, and Spear Leeds Kellogg. After working on the buy side, Donna began a career on the floor of the New York Stock Exchange that included an NYSE seat with Mogavero Lee & Co. Inc., where she worked for six years. She worked with Doreen Mogavero and Jennifer Lee at a women-owned brokerage firm helping to develop a successful direct access business. Her floor trading career spanned 14 years in total. Her profession skills include trading of Equities, Options, and Derivative Programs. Print
dizzo@griffinsecurities.com | direct 646.442.1443 | cell 646.415.0563
Charles W. Rupinski, Senior Research Analyst
Charles Rupinski covers transportation, industrials, and select energy/commodity/materials companies. He has more than 15 years of investment experience on both the buy and sell sides of the investment business. On the buy side he was a Director, Analyst and Portfolio Manager at Forstmann-Leff, a mid-sized investment management firm with assets of over $ billion. On the sell side he worked at Morgan Stanley as Senior Research Analyst covering a wide variety of freight transportation industries, including Rail and Logistics. While at Morgan Stanley, he developed the firm's maritime transportation research product out of its London office. Prior to joining Griffin Securities, he was Senior Vice President of Equity Research at Maxim Group, where he covered maritime, transportation, and energy companies. His expertise has been featured in Barrons, Forbes.com, Bloomberg, Lloyd's List, The Wall Street Transcript, and Tradewinds. Mr. Rupinski holds an MBA from Columbia Business School, an MPhil from Cambridge Universiy, and an AB from Bowdoin College. Print
crupinski@griffinsecurities.com | direct 646.845.9984 | office 212.509.9500 | cell 917.270.6540
Chip CurtisManaging Director Sales / Trading
Chip Curtis has more than 20 years of Wall Street experience with positions in both fixed income and equity areas. After attending John Carroll University, Chip began his career at Thomson McKinnon Securities on the municipal bond desk as a retail trader until the merger with Prudential Securities. He later joined PaineWebber in 1995 following the Kidder Peabody merger and successfully built the Canadian equity relationship business into a leading revenue source for the Equity Capital Markets division. He continued to grow that production when PaineWebber merged with UBS and spent a total of eight yearsat the combined firms. Following UBS, Chip worked at Fulcrum Global Partners, Concept Capital, and Maxim Group as a senior sales trader. Print
ccurtis@griffinsecurities.comm | direct 646.845.9983 | office 212.509.9500 | trading desk 646.442.4255
Michael P. Maher, Managing Director Sales & Trading
Michael P. Maher has more than 16 years of Wall Street experience. Before joining Griffin Securities, he was a senior member of the institutional sales team at Maxim Group. Prior to Maxim Group, Michael held various positions at RBC Capital Markets, CIBC World Markets, Cowen & Co., and International Strategy & Investment Group. He graduated from Georgetown University. Print
michael@griffinsecurities.com | direct 646.845.9982 | trading 646.442.4255 | cell 917.648.8134
Mark H. Zizzamia, Managing Director
Mark joined Griffin Securities in 2002 as a Managing Director. Mark began his career at PaineWebber and Company and has over 17 years of experience within the financial industry working with both public and private companies. He has assisted in funding over 30 private companies, including TechRx and Health Dialog. At Griffin Mark is involved in all aspects of the investment banking group, including institutional and high net worth sales. Mark earned his B.A. in Political Science from Ohio Wesleyan University. Print
mzizzamia@griffinsecurities.com | direct 212.509.6511
Mark J. Alvino, Managing Director
Prior to joining Griffin Securities, Mark served as Managing Director at SCO Securities LLC, a life sciences merchant bank. His responsibilities included corporate outreach of portfolio companies and institutional sales for banking clients; he raised in excess of $500 million in private financings in over 20 transactions. Before his tenure at SCO, Mark worked as Senior Vice President at Feinstein Kean Healthcare, an Ogilvy Public Relations Worldwide Company. He also acted as senior counsel throughout the agency’s network of offices. Mark also served as Vice President of Allen & Caron, Inc., an investor relations agency. Mark received his B.B.A in Economics and Public Policy from The George Washington University. Print
malvino@griffinsecurities.com | direct 212.509.7512 | cell 646.246.7056
Sal Saraceno, Managing Director
Sal joined Griffin Securities in 2002 as Managing Director of the Griffin Private Equity Group. Sal began his career at Prudential Securities Incorporated and has over 19 years of experience within the financial industry working with both public and private companies in many capacities. At Griffin he is involved in all aspects of the investment banking group, including institutional and high net worth sales, sourcing and origination. Sal earned his B.A. in Economics from the University of Rhode Island. Print
ssaraceno@griffinsecurities.com | direct 212.509.6955
Holland Sullivan, Managing Director
Mr. Sullivan joined Griffin Securities in 2011 as a Managing Director. Holland began his career at Merrill Lynch and has previously worked at Goldman Sachs. Holland also served as a financial investigator on the Bernard L. Madoff fraud investigation. At Griffin, Holland is involved in all aspects of the investment banking group. He has a B.A. in Economics from Yale University and a J.D. from Baylor University School of Law, where he focused on business transactions and corporate law and was an editor of the Baylor Law Review. He is a licensed attorney in the State of Texas. Print
hsullivan@griffinsecurities.com | direct 646.442.4254 | cell 646.543.8824
Mark C. Merrill, Research Analyst
Mark Merrill joined Griffin Securities in 2007. He specializes in evaluating emerging small- and mid-capitalization companies, with specific expertise in financial valuation and business strategy analysis. With the Griffin Securities team, he has provided extensive financial advisory and strategic consulting services for public and private companies and detailed valuation analyses of numerous transactions, including capital raises, mergers and acquisitions, biopharmaceutical licensing & partnership deals, and other business combinations. In addition, he has published numerous research reports on life-science companies. Mark graduated cum laude with a B.A. in Economics, with Distinction, from Carleton College. Print
mmerrill@griffinsecurities.com | direct 646.442.1441 | cell 917.767.4678
Zachary R. Ajzenman, Research Associate
Zack Ajzenman joined Griffin Securities in 2010. He specializes in analyzing small- and mid-capitalization investment opportunities, as well as assisting the institutional sales team in developing new client relationships. Zack has a B.S. in Business Administration with a concentration in Finance from The Ohio State University. Print
zajzenman@griffinsecurities.com | direct 646.845.9981 | office 212.509.9500 | cell 516.567.0532
Hunter Diamond, Research Associate
Hunter Diamond joined Griffin Securities in 2011. He specializes in analyzing small- and mid-capitalization investment opportunities. He is a Level II candidate in the CFA program. Hunter has a B.S. in Applied Economics and Management from Cornell University. Print