ALLENDALE — QST Consultations Ltd., an Allendale-based 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 the establishment of an Employee Stock Ownership Plan.
The ESOP transaction was executed Dec. 18 during which 36 percent 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,” 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 also appointed its board of directors, which includes QST CEO Nancy Fitzgerald and John Quiring. Additionally, Patrick K. Gill has joined QST’s board. He is the President and CEO of Grand River Bank and brings more than 30 years of diverse and successful financial experience to QST. Quiring said Gill “has a depth of experience that will be valuable to our organization’s direction.”
QST Consultations was founded in 1974 to support pharmaceutical and medical device companies in their clinical research. 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.
More at www.qstconsultations.com.
The law firm Varnum LLP served as legal advisors to QST on the ESOP implementation.