GLEN ALLEN, Va., Nov. 05, 2024 (GLOBE NEWSWIRE) — Adial Pharmaceuticals, Inc. (NASDAQ: ADIL), a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, today announced the appointment of Vinay Shah as the Company’s Chief Financial Officer, effective November 16, 2024.
Vinay Shah is an accomplished Chief Financial Officer with over 25 years of experience in the pharmaceutical, biopharmaceutical, and healthcare sectors, specializing in financial strategy, investor relations, and operational efficiency. Most recently, Mr. Shah served as the CFO at Virpax Pharmaceuticals, Inc. (Nasdaq: VRPX), where he focused on implementing fundraising and strategic initiatives, managed all financial operations, and co-managed investor relations. Previously, at Aravive, Inc., Mr. Shah helped raise over $150 million and played integral roles in a major reverse merger and out-licensing efforts in China. At Pacira Pharmaceuticals, Inc., he partnered on the company’s IPO, contributing to S-1 preparation, financial audits, and SEC compliance. His background also includes finance leadership roles at Cardinal Health, Inc. and Jostens Learning Corporation, where he advanced supply chain operations and international business efforts. He began his career with auditing positions at KPMG Peat Marwick and Price Waterhouse Coopers. He received his BA degree from Ranchi University in India and his MBA from Arizona State University in finance.
“We are thrilled to welcome Vinay as our new Chief Financial Officer,” said Cary Claiborne, CEO of Adial Pharmaceuticals. “Vinay brings a wealth of experience in financial strategy within the pharmaceutical industry, and his proven leadership in driving successful capital markets strategies will be invaluable as we advance AD04 and our strategic goals. Additionally, I would like to thank Joe Truluck for his numerous contributions to Adial over the years and wish him the best in his future endeavors.”
“I am excited to join the talented team at Adial Pharmaceuticals during this pivotal time,” said Vinay Shah. “Adial’s commitment to developing innovative treatments that address critical unmet needs aligns with my own passion for advancing impactful healthcare solutions. I look forward to contributing to Adial’s growth and supporting their strategic objectives as we work to deliver value for patients, partners, and shareholders.”
On November 1, 2024, Joseph Truluck notified the CEO of the Company of his decision to resign from his position as the Company’s Chief Financial Officer to pursue other opportunities. Mr. Truluck will remain CFO of the Company until November 15, 2024 and has entered into a consulting agreement with Adial, through March 31, 2025, in order to aid in an orderly transition. Mr. Truluck’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices, including any matters concerning the Company’s controls or any financial or accounting-related matters or disclosures.
About Adial Pharmaceuticals, Inc.
Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of 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) in heavy drinking patients and was recently investigated in the Company’s ONWARD™ pivotal Phase 3 clinical trial for the potential treatment of AUD in subjects with certain target genotypes identified using the Company’s proprietary companion diagnostic genetic test. ONWARD showed promising results in reducing heavy drinking in heavy drinking patients, and no overt safety or tolerability concerns. AD04 is also believed to have the potential to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. Additional information is available at www.adial.com.
