Adhera Therapeutics Announces CEO, Senior Management Changes, Plans for NASDAQ Uplist
Adhera Therapeutics (OTCQB: ATRX) has appointed Dr. Zahed Subhan as its new CEO, effective September 30, 2022, marking a strategic shift towards a clinical stage biopharmaceutical company. Dr. Subhan, who has over 35 years of experience in the pharmaceutical industry, aims to enhance shareholder value and expedite the development of treatments for Parkinson's disease and Type 1 diabetes. Current CEO Andrew Kucharchuk will transition to the role of COO. The company is also set to unveil a new corporate website to better represent its portfolio.
- Dr. Zahed Subhan's extensive experience in pharmaceuticals may enhance strategic direction.
- Transitioning to a clinical stage biopharmaceutical model is expected to increase shareholder value.
- Plans to initiate Phase 2 clinical trials for drug candidates may attract investor interest.
- Leadership transition may lead to potential disruptions during the adjustment period.
- Dr. Subhan's new role raises concerns about continuity in strategic vision.
Baton Rouge, LA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Adhera Therapeutics, Inc. (OTCQB: ATRX) ("Adhera" or the "Company"), a clinical stage biopharmaceutical company, today announces that on September 8, 2022, the Company’s Board of Directors (the “Board”) appointed Zahed Subhan PhD MBA JD as Chief Executive Officer of Adhera Therapeutics, effective September 30, 2022. The same day, Dr. Subhan was elected to serve as Chairman of the Board.
Dr. Subhan has been serving as a Company Director since November 5, 2021, and has more than 35 years’ experience in research, development and commercialization in multinational pharmaceutical companies, including Sanofi, GlaxoSmithKline, Dupont Pharmaceuticals, and as Senior Management/CEO of both public and privately held biotechnology companies.
“We are pleased to be in the final stages of an important but necessary transition from a service-led business model to that of a clinical stage biopharmaceutical company that has the potential to build real value for shareholders. In that regard, we are committed to uplist to a national exchange and accelerating the development of our pipeline addressing truly unmet medical needs in Parkinson’s disease and Type 1 diabetes,” commented Dr. Subhan.
Andrew “Al” Kucharchuk, the current Chief Executive Officer, will continue to hold the position until September 30, 2022, at which time he will assume the Company’s new position of Chief Operating Officer at Adhera with responsibilities for the daily operations of the company, including the CFO function, Corporate Development and Investor Relations. Al will also be seated as Vice-Chairman of the Board.
“I want to thank Al for his expert stewardship of Adhera during a particularly challenging time. We have Al to thank for many of our accomplishments, including the in-licensing of our phase 2 ready drug candidates, thus spearheading Adhera’s transition to a biopharmaceutical company. Looking forward, it was pertinent to re-align the leadership team in the most prudent manner to achieve our next major milestones, including filing a Form S-1 with the Securities and Exchange Commission and initiating phase 2 clinical trials of MLR-1019 and MLR-1023. I look forward to serving as CEO and Chairman and welcome a steady and transparent line of communication with our shareholders.”
Separately, the Company wishes to inform shareholders that a new corporate website has been designed and is being completed that best reflects the portfolio and mission of Adhera Therapeutics today. There will be a short period of downtime while the old website is removed and new website is installed, tested, and brought live.
About Adhera Therapeutics
Adhera Therapeutics is a clinical stage biopharmaceutical company focused on identifying advanced drug candidates that may qualify for accelerated developmental pathways. The Company has licensed two drug candidates, MLR-1019 and MLR-1023, from the Melior Discovery family of companies. Adhera is developing MLR-1023 (tolimidone) as a new drug for Type I diabetes with a focus on C-peptide positive patients. Adhera also has exclusive rights to develop MLR-1023 for Non-Alcoholic Steatohepatitis (NASH) and pulmonary inflammation diseases and conditions. MLR-1023, a lyn kinase activator, has demonstrated exceptional clinical safety and tolerability in over 700 patients in Phase 2a and Phase 2b Type 2 diabetes studies. MLR-1019 (armesocarb) is a new class of drug for Parkinson’s Disease and is believed by the Company to represents the only drug to address both movement and non-movement symptoms of Parkinson’s Disease. Armesocarb is the active enantiomer in mesocarb, a drug marketed in Europe for 37 years for various psychiatric and central nervous system indications. In addition to advancing both drug candidates in Phase 2 clinical trials, the Company remains active in exploring other advanced drug development opportunities while maintaining its legacy assets, including CEQ508, an oral delivery of small interfering RNA (siRNA) against beta-catenin, to suppress polyps in the precancerous syndrome and orphan indication Familial Adenomatous Polyposis (FAP).
Forward Looking Statements
This press release contains forward-looking statements as defined by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including the anticipated benefits of the Company’s compounds, the initiation of Phase 2 trials, execution of license agreements, completion of a financing and the amount of proceeds, if any, from the contemplated financing and future collaborative opportunities. Forward-looking statements involve risks, uncertainties and assumptions that could cause Adhera Therapeutics' actual results and experiences to differ materially from anticipated results and expectations expressed in these forward looking statements. Adhera Therapeutics has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Adhera Therapeutics' need for, and the availability of, substantial capital in the future to fund its operations and research and development, the ability to agree upon the terms of the proposed financing with potential investors and existing noteholders and close on it, general risks in obtaining approval to initiate clinical trials, safety or efficacy issues arising during the trials, and the ultimate risks in reaching the commercialization stage. A more complete description of these risk factors is included in Adhera Therapeutics filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Adhera Therapeutics undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
INVESTOR AND MEDIA CONTACT:
Adhera Therapeutics, Inc.
Andrew Kucharchuk
Chief Executive Officer
akucharchuk@adherathera.com
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