Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW),
a clinical-stage biopharmaceutical company focused on developing
therapies for the treatment and prevention of addiction and related
disorders, today announced the appointment of Cary J. Claiborne as
Chief Operating Officer. Mr. Claiborne will continue to serve on
the Board of Directors.
In his new role, Mr. Claiborne will be
responsible for overseeing the Company’s strategic growth
initiatives, including commercial preparations for AD04,
advancement of the clinical pipeline, as well as identifying
potential strategic/partnering opportunities related to addiction
and the Company’s adenosine platform through its wholly-owned
subsidiary, Purnovate, Inc. Joseph Truluck who previously served as
Chief Operating Officer and Chief Financial Officer, will remain
Chief Financial Officer of the Company.
William Stilley, Adial’s Chief Executive
Officer, stated, “We are honored to welcome Cary to the senior
management team as Chief Operating Officer, following his recent
appointment to our Board of Directors. This move allows us to more
fully benefit from his extensive experience and successful track
record within the biopharmaceutical industry, especially within the
addiction space, as we approach completion of our ONWARD® Phase 3
trial and begin preparations for potential commercialization of
AD04 for the treatment of alcohol use disorder (AUD). We also look
forward to his contributions as we advance our Purnovate adenosine
platform. Given the positive preclinical data around both PNV-5030,
as a potential drug candidate for the treatment of pain, and PNV2
in a metastatic breast cancer model, we are more encouraged than
ever by the potential for this platform. We look forward to Cary
executing in his new role as we pursue potential strategic and
partnering activities around our growing pipeline.”
Mr. Claiborne commented, “Following my recent
appointment to the Board, I had the opportunity to more fully
involve myself in the business, which only heightened my enthusiasm
for the Company’s therapeutic pipeline. In turn, this led me to the
decision to commit to Adial and leverage my skill set to help
advance the Company’s mission. I am proud to join a company whose
goal is to develop an effective, safe and genetically targeted
product to treat AUD, which affects approximately 35 million people
in the U.S. alone, without the negative side effects of current
drugs on the market. I look forward to contributing to the success
of AD04 as well as the adenosine platform, both of which I believe
have significant market potential and address unmet patient
needs.”
Mr. Truluck added, “Cary joins our senior
management team at the beginning of a new stage in the growth of
Adial. I am excited to work closely with Cary to advance AD04
through the completion of our ONWARD trial, while taking full
advantage of the bourgeoning opportunities presented by our
Purnovate adenosine platform.”
Mr. Claiborne previously served as Chief
Financial Officer (CFO) and board member of Indivior PLC, a
publicly traded specialty pharmaceutical company developing
medicines to treat addiction and serious mental illnesses. Among
his accomplishments, Mr. Claiborne led the company’s spin off from
its then parent company, Reckitt Benckiser, to become an
independent, listed company. While at Indivior, he established and
oversaw corporate reporting, internal audit, tax, treasury,
external audit and information technology. Prior to joining
Indivior, Mr. Claiborne served as the CFO of Sucampo
Pharmaceuticals, Inc., a global biopharmaceutical company, which
was later sold to Mallinckrodt. Before joining Sucampo, Mr.
Claiborne served as CFO and Corporate Secretary of Osiris
Therapeutics, Inc., and oversaw corporate finance during the
company's initial public offering. He graduated from Rutgers
University with a B.A. in Business Administration and from
Villanova University with an M.B.A., and was a National Association
of Corporate Directors (NACD) Governance Fellow.
About Adial Pharmaceuticals,
Inc.
Adial Pharmaceuticals is a clinical-stage
biopharmaceutical company focused on developing therapies for the
treatment and prevention of addiction and related disorders. The
Company’s lead investigational new drug product, AD04, is a
genetically targeted, serotonin-3 receptor antagonist, therapeutic
agent for the treatment of Alcohol Use Disorder (AUD) and is
currently being investigated in the Company’s landmark ONWARD™
pivotal Phase 3 clinical trial for the potential treatment of AUD
in subjects with certain target genotypes, which are to be
identified using the Company’s proprietary companion diagnostic
genetic test. A Phase 2b clinical trial of AD04 for the treatment
of AUD showed promising results in reducing frequency of drinking,
quantity of drinking and heavy drinking (all with statistical
significance), and no overt safety concerns (there were no
statistically significant serious adverse events reported). AD04 is
also believed to have the potential to treat other addictive
disorders such as Opioid Use Disorder, gambling, and obesity. The
Company is also developing adenosine analogs for the treatment of
pain and other disorders. Additional information is available at
www.adialpharma.com.
About Purnovate, Inc.
Purnovate, Inc., a wholly owned subsidiary of
Adial Pharmaceuticals, is a pharmaceutical development and
chemistry company focused on inventing and developing selective,
potent, stable, and soluble adenosine analogs to treat diseases and
disorders such as pain, cocaine addiction, inflammation, infectious
disease, cancer, asthma, and diabetes. Additional information is
available at www.purnovate.com.
Forward Looking Statements
This communication contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws. Such statements are based upon various facts and
derived utilizing numerous important assumptions and are subject to
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words
"believes," "expects," "anticipates," "intends," "projects,"
"estimates," "plans" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and
"could" are generally forward-looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. The forward-looking statements include statements
regarding Mr. Claiborne’s expected contribution to Adial, advancing
our Purnovate adenosine platform and the potential of AD04 to treat
other addictive disorders such as Alcohol Use Disorder, Opioid Use
Disorder, gambling, and obesity. Any forward-looking statements
included herein reflect our current views, and they involve certain
risks and uncertainties, including, among others, Mr. Claiborne’s
ability to contribute to the success of Adial as expected, our
ability to enroll patients within the timelines anticipated and
complete clinical trials on time and achieve desired results and
benefits as expected, our ability to obtain regulatory approvals
for commercialization of product candidates or to comply with
ongoing regulatory requirements, regulatory limitations relating to
our ability to promote or commercialize our product candidates for
specific indications, acceptance of our product candidates in the
marketplace and the successful development, marketing or sale of
our products, our ability to maintain our license agreements, the
continued maintenance and growth of our patent estate, our ability
to establish and maintain collaborations, our ability to obtain or
maintain the capital or grants necessary to fund our research and
development activities, and our ability to retain our key employees
or maintain our Nasdaq listing. These risks should not be construed
as exhaustive and should be read together with the other cautionary
statement included in our Annual Report on Form 10-K for the year
ended December 31, 2020, subsequent Quarterly Reports on Form 10-Q
and current reports on Form 8-K filed with the Securities and
Exchange Commission. Any forward-looking statement speaks only as
of the date on which it was initially made. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise, unless required by law.
Contact:Crescendo Communications, LLCDavid
Waldman / Natalya RudmanTel: 212-671-1021Email:
adil@crescendo-ir.com
Adial Pharmaceuticals (NASDAQ:ADILW)
Historical Stock Chart
From Apr 2024 to May 2024
Adial Pharmaceuticals (NASDAQ:ADILW)
Historical Stock Chart
From May 2023 to May 2024