Appointment of CFO

RNS Number : 0474B

Ergomed plc

04 June 2019

 

 PRESS RELEASE

Ergomed Strengthens Executive Team with Appointment of Richard Barfield, Formerly of Chiltern International, as Chief Financial Officer

Guildford, UK - 4 June 2019: Ergomed plc (LSE: ERGO) ("Ergomed" or the "Company"), a company focused on providing specialised services to the pharmaceutical industry, today announces the appointment of Richard Barfield FCA as Chief Financial Officer, effective immediately. Richard replaces Stuart Jackson, who leaves Ergomed to return to the energy sector, as announced in February 2019.

Since qualifying as a chartered accountant, Richard has more than 25 years' experience at Chief Financial Officer level in the healthcare, technology and business services sectors in US multinational companies as well as in UK-listed and PE-backed businesses. His expertise includes turnarounds, fundraisings, acquisitions and disposals, and he has extensive international experience. Richard has also held roles as Chief Executive Officer, Chairman, and Audit Committee Chairman of UK-listed companies as well as serving as a Board Member of a world-leading teaching hospital.

Richard has proven experience within the contract research sector having most recently been Chief Financial Officer at Chiltern International Ltd from July 2013 to March 2018, which was a leading global mid-tier private CRO. During his five years at Chiltern, Richard was instrumental in transforming the corporate finance and strategy of the business, enabling it to grow revenues from $160m to $550m. The eventual 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 delivered a cash return of over 4x to investors in Chiltern's December 2013 refinancing.

The Company intends to appoint Mr Barfield as an Executive Director of the board of Ergomed plc (the "Board"), and it is expected that he will be appointed with effect from the conclusion of the Company's AGM on 18 June 2019, following completion of customary due diligence by the Company's Nominated Adviser.

Dr Miroslav Reljanović, Executive Chairman of Ergomed, commented: "Richard has an exceptional track record as a CFO and played a pivotal role in the growth of Chiltern, a leading international mid-tier CRO, and in its successful acquisition by Covance which generated significant returns for shareholders. His previous public market experience as a CFO, CEO and on multiple Boards will add considerable strength to our Company as we deliver on Ergomed's growth strategy."

Richard Barfield, said: "As a full-service CRO with a global platform, Ergomed is well positioned to capitalise on its strengths as a specialist provider of services to the pharmaceutical industry. The combination of its clinical research services, specific focus on orphan drug development, and fast-growing pharmacovigilance offering present a clear opportunity to build a global mid-tier service business. The Company has had a strong start to the year and I am excited by the opportunity to bring my expertise to bear to help Ergomed continue to build on that platform."

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 Mr Barfield's appointment to the Board.

Enquiries:

Ergomed plc	Tel: [phone]
Miroslav Reljanović (Executive Chairman)
Numis Securities Limited	Tel: [phone]
Freddie Barnfield / Huw Jeremy (Nominated Adviser)
James Black (Broker)
Consilium Strategic Communications - for UK enquiries	Tel: [phone]
Chris Gardner / Mary-Jane Elliott	[e-mail]
Matthew Neal / Olivia Manser
MC Services - for Continental European enquiries	Tel: [phone]
Anne Hennecke

About Ergomed plc

Ergomed provides specialist services to the pharmaceutical industry spanning all phases of clinical development, post-approval pharmacovigilance and medical information. Ergomed's fast-growing, profitable services business includes an industry leading suite of specialist pharmacovigilance solutions, integrated under the PrimeVigilance brand, and a full range of high-quality contract research and trial management services under the Ergomed brand (CRO), and an internationally recognised specialist expertise in orphan drug development, under PSR. For further information, visit: http://ergomedplc.com.

 

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