Tuesday, September 10, 2013
CEO musical chairs continues at Wayne, Pa.-based contract research organization (CRO) Encorium . The company has reappointed Dr. Kai Lindevall as CEO, replacing David Ginsberg who left the company last summer when Encorium sold its U.S. business to Pierrel Research USA and Ginsberg became CEO there. Ginsberg had replaced Lindevall as CEO in September 2008. Lindevall, who replaced Kenneth Borow, M.D., as CEO in February 2008, has served as executive chairman since Ginsberg became CEO. Board member Shahab Fatheazam will serve as Encorium’s new chairman.
Contract research organization (CRO) Encorium released its Q2 earnings report after the bell Thursday, reflecting an increase in net revenue for Q2 2008 over Q2 2007 but a decrease in net revenue for the six months ended June 30, 2008 compared with the same period in 2007. Net revenues for the first six months of 2008 dropped to $15.7 million from $16.1 million for the same period in 2007. The company also reported a net loss of $3.5 million, or $0.17 per share, for the first six months of 2008 compared with a net loss of $738,000, or $0.04 per share, for the first six months of 2007.