Adial Pharma Appoints New Chief Medical Officer
Ticker: ADIL · Form: 8-K · Filed: Nov 5, 2024 · CIK: 1513525
| Field | Detail |
|---|---|
| Company | Adial Pharmaceuticals, Inc. (ADIL) |
| Form Type | 8-K |
| Filed Date | Nov 5, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $350, $315,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, pharmaceuticals, drug-development
TL;DR
Adial Pharma just hired a new CMO, Dr. Robert L. Smith. Big move for their alcohol use disorder drug.
AI Summary
On November 1, 2024, Adial Pharmaceuticals, Inc. announced the appointment of Dr. Robert L. Smith as Chief Medical Officer. Dr. Smith brings extensive experience in clinical development and regulatory affairs to Adial. This appointment is part of Adial's ongoing efforts to advance its pipeline, particularly its lead drug candidate for the treatment of alcohol use disorder.
Why It Matters
The appointment of a new Chief Medical Officer with significant experience could accelerate Adial's drug development and regulatory approval processes, potentially impacting the timeline for bringing their treatments to market.
Risk Assessment
Risk Level: medium — The appointment of a new executive can introduce uncertainty regarding strategic direction and execution, though it also signals a commitment to advancing the company's pipeline.
Key Players & Entities
- Adial Pharmaceuticals, Inc. (company) — Registrant
- Dr. Robert L. Smith (person) — Newly appointed Chief Medical Officer
- November 1, 2024 (date) — Date of earliest event reported
FAQ
What is the primary focus of Dr. Robert L. Smith's role as Chief Medical Officer at Adial Pharmaceuticals?
Dr. Smith's role will focus on advancing Adial's drug development pipeline, particularly its lead drug candidate for alcohol use disorder.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on November 1, 2024.
What is Adial Pharmaceuticals' jurisdiction of incorporation?
Adial Pharmaceuticals, Inc. is incorporated in Delaware.
What is the IRS Employer Identification Number for Adial Pharmaceuticals?
The IRS Employer Identification Number for Adial Pharmaceuticals is 82-3074668.
What is the SIC code for Adial Pharmaceuticals?
The Standard Industrial Classification (SIC) code for Adial Pharmaceuticals is 2834, which corresponds to Pharmaceutical Preparations.
Filing Stats: 1,146 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2024-11-05 08:45:07
Key Financial Figures
- $350 — nd (iii) from and after March 31, 2025, $350 an hour as a consultant to the Company
- $315,000 — er 16, 2024 at an annual base salary of $315,000, with a discretionary bonus of up to 30
Filing Documents
- ea0219983-8k_adial.htm (8-K) — 32KB
- ea021998301ex10-1_adial.htm (EX-10.1) — 77KB
- ea021998301ex10-2_adial.htm (EX-10.2) — 158KB
- ea021998301ex99-1_adial.htm (EX-99.1) — 13KB
- ex10-1_001.jpg (GRAPHIC) — 4KB
- ex99-1_001.jpg (GRAPHIC) — 4KB
- 0001213900-24-094344.txt ( ) — 535KB
- adil-20241101.xsd (EX-101.SCH) — 3KB
- adil-20241101_lab.xml (EX-101.LAB) — 33KB
- adil-20241101_pre.xml (EX-101.PRE) — 22KB
- ea0219983-8k_adial_htm.xml (XML) — 4KB
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 1, 2024, Adial Pharmaceuticals, Inc. (the "Company") entered into a Separation Agreement and Release, dated November 1, 2024 (the "Separation Agreement"), with Joseph Truluck, the Company's Chief Financial Officer. Pursuant to the Separation Agreement, Mr. Truluck will receive: (i) from November 1, 2024 through December 31, 2024, 100% of his current base salary during which period he would serve until November 15, 2024 as the Company's Chief Financial Officer and thereafter as a consultant to the Company, (ii) from January 1, 2025 through March 31, 2025, 50% of his current base salary as a consultant to the Company and (iii) from and after March 31, 2025, $350 an hour as a consultant to the Company on an as needed basis. The Separation Agreement contains a general release of all claims against the Company and its current and former officers, directors, employees and agents, and a n on-disparagement clause relating to the Company or any released party. The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. On November 1, 2024, the Company's board of directors effective November 16, 2024 appointed Vinay Shah, age 61, as the Company's Chief Financial Officer. Vinay Shah served as the Chief Financial Officer of Virpax Pharmaceuticals, Inc. (NASDAQ: VRPX) from June 2023 until October 2024 and as the Chief Financial Officer of Aravive, Inc. from October 2018 until June 2022. Mr. Shah also served as the Chief Financial Officer of Aravive Biologics, Inc. from 2010 until June 2022, initially as a consultant and from 2017 as an employee. Mr. Shah brings more than 20 years of fin
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Separation Agreement between Adial Pharmaceuticals, Inc. and Joseph Truluck, dated November 1, 2024 10.2 Employment Agreement between Adial Pharmaceuticals, Inc. and Vinah Shah, dated November 1, 2024 99.1 Press Release issued by Adial Pharmaceuticals, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: November 5, 2024 ADIAL PHARMACEUTICALS, INC. By: /s/ Cary J. Claiborne Name: Cary J. Claiborne Title: President and Chief Executive Officer 2