Adial Pharmaceuticals appoints new COO Tony Goodman
Published 21/03/2025
Adial Pharmaceuticals, Inc. (NASDAQ:ADIL), a $4.7 million market cap company specializing in pharmaceutical preparations, has announced the appointment of Tony Goodman as its new Chief Operating Officer (COO), effective April 1, 2025. According to InvestingPro data, the company maintains a strong liquidity position with cash reserves exceeding debt levels. This executive move comes after Mr. Goodman’s interim role as COO since January 2024 under a Master Services Agreement with The Keswick Group, LLC.
The company, headquartered in Glen Allen, Virginia, disclosed the new employment agreement in a recent SEC filing. The agreement outlines a three-year term with an annual base salary of $300,000 for Mr. Goodman. Additionally, he is eligible for a discretionary bonus of up to 30% of his base salary, contingent upon achieving certain objectives set by the board of directors. This appointment comes as the company’s stock trades at $0.74, down nearly 58% over the past year.
The filing also detailed severance provisions, stating that Mr. Goodman would be entitled to six months’ severance pay if terminated without cause, and twelve months’ severance following a change of control at the company.
There are no reported family relationships between Mr. Goodman and any of the company’s directors or executive officers, nor are there any transactions involving Mr. Goodman that would require disclosure under SEC regulations.
This staffing update follows the termination of the Master Services Agreement and Statements of Work with The Keswick Group, LLC, which will be concluded as of the effective date of Mr. Goodman’s employment contract.
The information provided is based on a press release statement and the full text of the Goodman Employment Agreement, which was attached to the SEC filing. Investors should note that Adial’s next earnings report is scheduled for April 2, 2025. InvestingPro subscribers have access to additional insights, including 6 more key tips about the company’s financial health and growth prospects.
In other recent news, Adial Pharmaceuticals has reported several significant developments. The company received positive feedback from the FDA for its in vitro bridging strategy for its lead investigational drug, AD04, which is designed for treating Alcohol Use Disorder (AUD). This approval allows Adial to proceed with manufacturing clinical supplies for its Phase 3 clinical program. Additionally, Adial successfully completed a pharmacokinetic study for AD04, confirming its dose-proportional exposure and paving the way for further trials and potential FDA approval.
Adial Pharmaceuticals was also granted a new patent by the USPTO, which covers methods for identifying genetic markers that indicate a predisposition to substance use disorders and treating them with AD04. This patent is expected to enhance treatment efficacy by personalizing therapy according to a patient’s genetic profile. Furthermore, Rodman & Renshaw maintained a Buy rating for Adial, with a target price of $8.00, expressing confidence in the stock’s potential for significant returns.
The company’s efforts in advancing AD04 include plans to finalize its Phase 3 trial design and secure funding, either independently or through partnerships. Adial’s CEO, Cary Claiborne, highlighted these developments as crucial steps toward providing innovative treatments for addiction. These recent advancements reflect Adial’s ongoing commitment to addressing treatment gaps in addiction therapy.
Adial Pharmaceuticals Expands Intellectual Property Portfolio with New U.S. Patent Granted for Genetic-Based Treatment of Alcohol and Opioid Use Disorders
AD04 For Alcohol Use Disorder (AUD)
AUD is a disease effecting greater than 35 million people in the US alone. For about 20% of this group there is a specific genetic component which Adial has identified and developed a genetic biomarker test which indicates its lead compound AD04 should be highly effective in controlling cravings and heavy and binge drinking and supporting abstinence. AD04
The Company’s lead compound AD04 (“AD04”) is a genetically targeted therapeutic agent for the treatment of Alcohol Use Disorder (AUD) and was recently investigated in a Phase 3 clinical trial for the potential treatment of AUD in subjects with certain target genotypes, which were identified using the Company’s proprietary companion diagnostic genetic test.
The resulting data indicate a statistically significant response in the reduction of heavy drinking days in a subgroup of patients. The subgroup consisted of patients who drank fewer than 10 drinks per drinking day and comprised about two-thirds of the patients enrolled into the study. Adial is in the process of engaging regulatory authorities to refine the future development of AD04.
Adial possesses a world-wide, exclusive license from the University of Virginia Patent Foundation to commercialize AD04, subject to FDA approval of the product, based upon three (3) separate patents and patent application families, with patents filed and issued in over 40 jurisdictions, including 3 issued patents in the U.S. AD04 has been used in several investigator-sponsored trials and we possess or have rights to use toxicology, pharmacokinetic and other preclinical and clinical data that support AD04 development.
AUD is a potentially multi-billion-dollar market with limited competition & unmet need (accounts for ~5.3% of deaths worldwide and ~5.1% of disease worldwide)
The Lancet reports that alcohol is the number one cause of death in the U.S. & globally among both men and women ages 15 to 49 years
Differentiated product
• Designed to reduce drinking levels (believed through reduction of craving) • Potential to facilitate abstinence • Limited side effects to date
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