Avadel Pharmaceuticals PLC (NASDAQ:AVDL), a company specializing in pharmaceutical preparations, announced the results of its 2024 Annual Meeting of Shareholders. The meeting, which took place on July 30, saw shareholders vote on several key proposals, including the election of directors and the appointment of the company’s independent auditor.
All seven nominated directors were re-elected to the board, each to serve a one-year term until the next annual general meeting. The directors include Gregory J. Divis, Dr. Eric J. Ende, Geoffrey M. Glass, Dr. Mark A. McCamish, Linda S. Palczuk, Peter J. Thornton, and Dr. Naseem S. Amin. The election results showed a majority of votes in favor, with a varying number of votes against and withholdings for each nominee.
In addition to the board elections, shareholders ratified the appointment of Deloitte & Touche LLP as Avadel’s independent registered public auditor and accounting firm for the fiscal year ending December 31, 2024. The authorization for the Audit Committee to set the auditor's remuneration was also approved in a binding vote.
In other recent news, Avadel Pharmaceuticals posted strong Q1 2024 results, with net revenue reaching $27.2 million and a gross profit of $25.7 million. The company saw significant growth in patient enrollment and therapy initiation for its product, LUMRYZ. Despite high operating expenses of $51.7 million due to launch-related activities, Avadel maintains a positive outlook, expecting to reach breakeven in 2024 with an estimated 1,300 to 1,500 commercially reimbursed patients.
In other developments, Avadel announced its participation in SLEEP 2024, presenting new data on LUMRYZ, its FDA-approved narcolepsy treatment. The company highlighted findings from the RESTORE study indicating high patient satisfaction with LUMRYZ, with 94% of patients preferring the once-nightly dosing over a twice-nightly oxybate.
The company also welcomed Dr. Naseem Amin to its board of directors. Dr. Amin's extensive background in medicine development and commercialization is expected to be particularly valuable as Avadel continues the commercial launch of LUMRYZ and explores its potential expansion into pediatric and idiopathic hypersomnia markets. These are among the recent developments at Avadel Pharmaceuticals.
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