Adial Appoints Renowned Pharmaceutical Executive Cary J. Claiborne to Board of Directors
November 03 2021 - 8:10AM
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 to
the Board of Directors, increasing the number of board members to
seven.
Mr. Claiborne previously served as 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.
William Stilley, Adial’s Chief Executive
Officer, stated, “We are honored to welcome Cary to the board of
directors and believe he will be an important addition at this
exciting time in our development, as we move closer to completion
of our ONWARD Phase 3 trial of AD04 for the treatment of alcohol
use disorder. Moreover, we believe his experience will be
invaluable as we begin preparations for the commercial launch of
AD04, assuming our trial is successful. We also look forward to his
contributions as we seek to advance our Purnovate adenosine
platform toward clinical trials, and potentially establish
partnership opportunities. Given Cary’s impressive track record in
finance and governance, we believe his appointment is a further
illustration of our commitment to the highest levels of corporate
governance.”
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 the Adial Board
of Directors and Adial, advancing our Purnovate adenosine platform
toward clinical trials and potential partnership opportunities 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 provide value to 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
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