Adial Pharmaceutical, Inc.
Adial Pharmaceuticals Announces Appointment of Alex Lugovoy as Head of Strategy
Thursday, April 11, 2019 9:00 AM
Adial to Advance Corporate Partnerships; Licensing and M&A Opportunities
CHARLOTTESVILLE, VA / ACCESSWIRE / April 11, 2019 / Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW), a clinical-stage biopharmaceutical company focused on the development of medicines for addiction, today announced the appointment of Alex Lugovoy as Head of Strategy. Mr. Lugovoy will further develop and advance the Company's corporate partnerships, licensing and mergers and acquisitions strategy.
Mr. Lugovoy has almost 20 years of experience working in the pharmaceutical and biotechnology industries. His management consulting and operational experience spans portfolio strategy, licensing, marketing, sales, medical, and research and development. Prior to founding Dobrin Consulting, an addiction-focused consulting firm, Mr. Lugovoy started and led the Business Development, Strategy and M&A department at Reckitt Benckiser Pharmaceuticals (now Indivior), a leading global addiction pharmaceutical company. During his tenure, he was responsible for overseeing product launch, lifecycle management strategy and execution, and worked to build a full product pipeline through licensing and partnerships with the leading addiction and CNS pharmaceutical companies. Mr. Lugovoy joined Reckitt Benckiser Pharmaceuticals directly from Campbell Alliance, a leading healthcare management consulting company. At Campbell Alliance, he led business development and brand management. Previously, Mr. Lugovoy was a director at Columbia Science and Technology Ventures where he oversaw the development of five early-stage pharmaceutical/biotech companies, and he also worked as a sales and marketing professional at Eli Lilly where he helped launch Cymbalta. He has an M.B.A. from Columbia University, and a B.A. in Neuroscience from Colgate University where he graduated magna cum laude, Phi Beta Kappa.
William Stilley, President and Chief Executive Officer of Adial Pharmaceuticals, commented on Mr. Lugovoy's appointment as Head of Strategy, "We are pleased to welcome Alex to the senior management team as he brings tremendous partnering, licensing, and M&A experience. Given the fact that we are rapidly advancing toward commencing our planned Phase 3 trial of AD04, we have witnessed growing interest from within the industry. Therefore, we are actively exploring a variety of strategic opportunities. Our goal has always been to become the leading addiction-focused therapeutics company. This is a massive and underserved market, which has significant backing from both governmental and non-governmental organizations. We are exploring assets that not only have strong commercial potential but also existing or potential grant funding and partnership opportunities. Alex will be a strong addition to the team, and we look forward to his contributions at this exciting time for Adial."
About Adial Pharmaceuticals, Inc.
Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of treatments for addictions. The Company's lead investigational new drug product, AD04, is a genetically targeted therapeutic agent for the treatment of alcohol use disorder ("AUD"). 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). The Company plans to commence a Phase 3 clinical trial using AD04 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. AD04 is also believed to have the potential to treat other addictive disorders such as opioid use disorder, gambling, and obesity.
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. These statements are based upon current beliefs, expectations and assumptions and include statements regarding rapidly advancing towards commencing our planned Phase 3 trial of AD04, exploring a variety of strategic opportunities, the expected contribution of Alex Lugovoy to the team, , the expected benefit AD04 will bring to patients and the potential of AD04 to treat other addictive disorders such as 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, our ability commence the Phase 3 clinical trials as planned, our ability to conclude a strategic opportunity, the contribution of Mr. Lugovoy to advancing our partnership, licensing and M&A strategy, the ability of AD04 therapy to perform as designed, to demonstrate safety and efficacy, as well as results that are consistent with prior results, the ability of AD04 to treat other addictive disorders such as opioid use disorder, gambling, and obesity, the ability to enroll patients and complete the clinical trials on time and achieve desired results and benefits, 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 its product candidates in the marketplace and the successful development, marketing or sale of 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 its 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 statements included in Annual Report on Form 10-k for the year ended December 31, 2018. 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.
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SOURCE: Adial Pharmaceuticals, Inc.