Dr Jim Esinhart, Former CEO of Chiltern International, Proposed Appointment as Non-Executive Director

Written by: Mike Wood
Published on: 10 Jul 2019

Guildford, UK10 July 2019: Ergomed plc (LSE: ERGO) ("Ergomed" or the "Company"), a company focused on providing specialised services to the pharmaceutical industry, is pleased to announce its intention to appoint Dr Jim Esinhart as a Non-Executive Director of the Company. Dr Esinhart’s appointment will become effective upon completion of due diligence by the Company’s Nominated Adviser.

Dr Esinhart is widely recognised as a leading figure in the global contract research and pharmaceutical industry. Having completed his PhD in biostatistics at Virginia Commonwealth University School of Medicine, he began his career in industry at GlaxoSmithKline specialising in infectious disease research. He went on to co-found PharmaResearch Corporation, one of the first specialised clinical trial outsourcing companies focused on respiratory, oncology and infectious diseases, in 1995. In eight years, the company grew from start-up to over 420 employees worldwide and revenues of over $40m. It was sold to Inveresk Research in 2003.

After a period at Inveresk and Charles River Laboratories, Jim joined Chiltern International in 2006 and became CEO in 2012. Under his leadership, Chiltern was firmly established as a leading global mid-market CRO through the expansion of the company’s international footprint, multiple acquisitions and strategic investment in processes, people and technology. From 2006 to 2017 company growth was more than 11x, with revenue growing to over $550m and the global workforce to over 4,500. His successful tenure culminated in the sale of Chiltern to Covance, a division of the US-listed healthcare company Laboratory Corporation of America Holdings (LabCorp) in late 2017 for $1.2bn, delivering a cash return of over 4x to investors in Chiltern’s December 2013 refinancing.

Dr Miroslav Reljanović, Executive Chairman of Ergomed, commented: "Jim is recognised as a true pioneer of the global CRO industry. Working with our new CFO, Richard Barfield, he built Chiltern into a leading mid-market global CRO and delivered significant shareholder value through its acquisition by Covance. Jim’s insight, experience and support will be invaluable as we deliver on Ergomed’s growth strategy across all of our business segments.”

Dr Jim Esinhart said: I am delighted to have this opportunity to work with Ergomed’s management team and Board. Today, Ergomed is recognised across the biopharma industry as a high-value service provider with repeat and new customer demand driving expansion and growth. With a global footprint and acknowledged quality of services, Ergomed is well-positioned as a leading mid-tier global CRO focused on high-growth areas such as oncology, orphan drugs and pharmacovigilance. With the benefit of my experience, there are considerable opportunities ahead for Ergomed to continue building to address the growing needs in our industry, and the unmet needs of patients worldwide.”

A further announcement, including the disclosures required under Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies, will be made at the time of Dr Esinhart's appointment to the Board.