Adial Pharmaceuticals Appoints Vinay Shah as CFO

Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) recently announced the appointment of Vinay Shah as the Chief Financial Officer of the company, effective November 16, 2024. Vinay Shah, aged 61, brings over 20 years of financial management experience in the medical device and biopharmaceutical industries to Adial Pharmaceuticals.

Prior to joining Adial Pharmaceuticals, Shah served as the Chief Financial Officer of Virpax Pharmaceuticals, Inc. (NASDAQ: VRPX) and Aravive, Inc. He also held financial management positions at Pacira Pharmaceuticals Inc. and Cardinal Health. Shah’s extensive background also includes work at Pricewaterhouse Coopers LLP and KPMG in India and the Middle East.

In conjunction with his appointment, Adial Pharmaceuticals entered into an employment agreement with Shah. The agreement entails a three-year term, starting November 16, 2024, with an annual base salary of $315,000 and bonus potential of up to 30% based on objectives set by the company’s board of directors.

Shah’s role includes eligibility for stock options under the company’s 2017 Equity Incentive Plan, potential severance packages, and involvement in strategic financial decision-making. The appointment follows Joseph Truluck’s decision to resign as the Chief Financial Officer of Adial Pharmaceuticals. Truluck’s resignation takes effect on November 15, 2024, with a consulting agreement in place through March 31, 2025, to ensure a smooth transition.

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, aims to target Alcohol Use Disorder in heavy drinking patients, with potential applications for other addictive disorders such as Opioid Use Disorder, gambling, and obesity.

For further details on the company’s latest developments and strategic initiatives, including Shah’s appointment, please refer to the official press release dated November 5, 2024, available on the company’s website or through regulatory filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Adial Pharmaceuticals’s 8K filing here.

About Adial Pharmaceuticals

Adial Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment or prevention of addiction and related disorders. Its lead product is AD04, a serotonin-3 antagonist, which is in Phase III clinical trial for the treatment of alcohol use disorder.