ALLENDALE, Mich.--(BUSINESS WIRE)--QST Consultations, Ltd., a clinical research company specializing in clinical study design, data management, statistical analysis, and medical writing services has announced that it is now a partially employee owned company through an Employee Stock Ownership Plan (ESOP). The ESOP transaction was executed on December 18, 2012 during which 36% of company stock was purchased on behalf of QST’s employees.
“Today's announcement marks an important milestone towards implementation of our corporate succession plan”
"Today's announcement marks an important milestone towards implementation of our corporate succession plan," said Nancy Fitzgerald, chief executive officer, QST. "Many companies opt to sell stock to an ESOP when the current owner is getting ready to retire or take an alternative role in the company. For QST, it was the perfect succession plan; John Quiring, QST’s founder and chief science officer was pleased to share the wealth with the employees who worked so hard to make the company successful."
QST Consultations, Ltd. appointed its Board of Directors which includes Nancy Fitzgerald and John Quiring. Additionally, Mr. Patrick K. Gill has joined QST’s Board of Directors. He is the President and CEO of Grand River Bank and brings over 30 years of diverse and successful financial experience to QST. John Quiring said, "We are pleased to announce Pat Gill as a member to our board because he has a depth of experience that will be valuable to our organization’s direction."
About QST Consultations, Ltd.
QST Consultations, Ltd. was founded in 1974 to support pharmaceutical and medical device companies in their clinical research endeavors. QST specializes in clinical study design, data management, biostatistical services, medical writing, and electronic FDA submissions. QST has been instrumental in successful Phase I-III and device trials integral to over 65 NDA, ANDA, PMA, and 510(k) submissions. QST’s primary focus is to meet the goals of each client through personalized service and technical expertise; we currently work with a range of sponsors that extend from small start-up organizations to well-established leaders in the pharmaceutical and medical device industries.
More information about QST Consultations, Ltd. can be found at their website, www.qstconsultations.com. Varnum LLP served as legal advisors to QST on the ESOP implementation.
QST Consultations, Ltd.
Nancy Fitzgerald, CEO, 616-892-3733
John Quiring, Founder/CSO, 616-895-5461