OREANDA-NEWS. Ergomed plc (LSE: ERGO) ('Ergomed' or 'the Company'), a profitable UK-based group dedicated to the provision of specialised services to the pharmaceutical industry and the development of new drugs, announces the establishment of a new US office for its subsidiary group, PrimeVigilance Inc. 

The new office in Waltham just outside Boston, MA, opens in July 2016 and will become the US base for PrimeVigilance, one of Europe's leading pharmacovigilance and medical information service providers. This US base gives PrimeVigilance the presence needed to support its current North American clients and to further develop relationships with new clients looking for US services as well as for US clients looking to enter the European and international markets.  

In 2015, Ergomed's pro forma revenues grew by 27% to 30.2 million pounds, winning 28 million pounds in new contracts with a 59 million pounds contracted backlog as at 1 January 2016.  PrimeVigilance's revenues grew 47% to 8.3 million pounds in 2015. Pharmacovigilance is a large and fast growing market, expected to reach $5bn in the next five years(1). 

Dr. Miroslav Reljanovic, Chief Executive Officer of Ergomed, said: 

"The opening of this US office marks an important step in our strategy, as stated at our IPO, to grow our profitable services business both through geographic expansion and selective acquisitions to add complementary services.  We can now offer our US customers pharmacoviligance and medical information support in the US as well as the rest of the world."

Neil Clark PrimeVigilance CEO added:

"We welcome our new employees in USA and look forward to working with our existing clients and building new relationships. The North American market is a key growth area for PrimeVigilance and we are excited about the potential for our business."

1.   Source: Contract Research Organization (CRO) Market for Early-Stage Development Services and Last-Stage Development Services: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 - 2020 by Zion Research

 

About Ergomed

Founded in 1997, Ergomed plc is a profitable UK-based company, providing drug development services to the pharmaceutical industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries.

Ergomed provides clinical development, trial management and pharmacovigilance services to over 100 clients ranging from top 10 pharmaceutical and generics companies to small and mid-sized drug development companies. Ergomed successfully manages clinical development from Phase I through to late phase programmes.

Ergomed has wide therapeutic expertise, with a particular focus in oncology, neurology and immunology and the development orphan drugs. Ergomed's approach to clinical trials is differentiated from that of other providers by its innovative Study Site Management model and the use of Study Physician Teams, resulting in a close relationship between Ergomed and the physicians involved in clinical trials.

As well as providing high quality clinical development services, Ergomed is building a portfolio of co-development partnerships with pharma and biotech companies. Here Ergomed shares the risks and rewards of drug development, leveraging its expertise and services in return for carried interest in the drugs under development. - a low risk investment model for potential high returns.