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Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a specialty pharmaceutical company headquartered in Dublin, Ireland, with operations in St. Louis, Missouri, and Lyon, France. The company focuses on developing, identifying, and commercializing differentiated pharmaceutical products designed to be safe, effective, and easy to administer, thereby improving patient adherence and outcomes. Avadel's products primarily target the urology, central nervous system (CNS) / sleep, and hospital markets.
One of Avadel's flagship products is LUMRYZ™, an extended-release formulation of sodium oxybate, approved by the U.S. Food & Drug Administration (FDA) for the treatment of cataplexy or excessive daytime sleepiness (EDS) in adults with narcolepsy. LUMRYZ is notable for its once-at-bedtime dosing, which eliminates the need for a middle-of-the-night dose, making it more convenient for patients.
The FDA granted LUMRYZ seven years of Orphan Drug Exclusivity, recognizing it as a major contribution to patient care over existing therapies. The approval was supported by results from the REST-ON trial, a Phase 3 study that demonstrated significant improvements in EDS, the Clinician Global Impression of Improvement (CGI-I), and reduced the frequency of cataplexy attacks.
Avadel recently announced its financial results for the third quarter ended September 30, 2023, reporting $7.0 million in net product revenue from LUMRYZ sales. The company has seen robust demand and positive feedback from the narcolepsy community, healthcare providers, and payers. Notably, CVS Health has moved LUMRYZ to preferred status starting January 1, 2024. Avadel also filed a supplemental NDA to extend LUMRYZ's indication to pediatric patients with narcolepsy, further expanding its market reach.
Financially, Avadel reported a net loss of $36.3 million for the quarter, driven by higher selling, general, and administrative expenses related to the LUMRYZ launch. Despite these challenges, the company maintains a strong cash position of $153.2 million as of September 30, 2023.
Looking ahead, Avadel plans to issue its Annual Report on Form 10-K for the year ended December 31, 2023, on February 29, 2024. The company continues to focus on expanding its product pipeline, including initiating a Phase 3 trial for idiopathic hypersomnia and optimizing commercial execution for LUMRYZ.
Avadel Pharmaceuticals (Nasdaq: AVDL) is set to present new secondary endpoint data from its pivotal REST-ON Phase 3 trial of FT218, a once-nightly sodium oxybate formulation, at the 2021 American Academy of Neurology Annual Meeting from April 17-22. Key poster presentations include polysomnographic measures of sleep continuity and the impact of daytime sleepiness, sleep quality, hallucinations, and sleep paralysis in narcolepsy patients. FT218, aimed at treating excessive daytime sleepiness and cataplexy, received FDA's Orphan Drug Designation and has a PDUFA target date of October 15, 2021.
Avadel Pharmaceuticals plc (Nasdaq: AVDL) will participate in a fireside chat at Stifel's Third Annual CNS Day on March 31 at 3 p.m. ET. The discussion will focus on FT218, an investigational formulation of sodium oxybate aimed at treating excessive daytime sleepiness and cataplexy in adults with narcolepsy. A live webcast will be available for attendees, along with a recording accessible for 90 days on the company’s website.
Avadel Pharmaceuticals (AVDL) announced the FDA's acceptance of its New Drug Application for FT218, aimed at treating excessive daytime sleepiness and cataplexy in adults with narcolepsy. The PDUFA target action date is set for October 15, 2021. In preparation for the product launch, key appointments were made in Commercial and Clinical Affairs. The company reported no revenue for Q4 2020, with a net loss of $11.3 million, compared to a loss of $2.7 million in Q4 2019. Cash reserves stand at $221.4 million, indicating ample liquidity for upcoming initiatives.
Avadel Pharmaceuticals (Nasdaq: AVDL) announces a collaboration with the AASM Foundation to support the 2021 Young Investigators Research Forum, providing scholarships and training for 24 early career sleep researchers. This program enhances career development in sleep medicine, offering crucial skills in funding and research processes. Avadel aims to bolster research in sleep health, particularly for conditions like narcolepsy. The initiative reflects Avadel's commitment to advancing sleep medicine and investing in the future of sleep research.
Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced the online publication of four Phase 1 studies regarding FT218, a once-nightly formulation of sodium oxybate aimed at treating excessive daytime sleepiness and cataplexy in adults with narcolepsy. The studies, published in Clinical Therapeutics, demonstrated bioequivalent drug exposure and a favorable pharmacokinetic profile supporting once-nightly dosing. FT218 was previously granted FDA Orphan Drug Designation, and the New Drug Application (NDA) was accepted for filing on February 26, 2021, with a target action date of October 15, 2021.
Avadel Pharmaceuticals (Nasdaq: AVDL) announced the FDA has accepted its New Drug Application (NDA) for FT218, a once-nightly sodium oxybate formulation for treating excessive daytime sleepiness and cataplexy in patients with narcolepsy. The FDA assigned a PDUFA target action date of October 15, 2021. FT218, which received Orphan Drug Designation, may offer clinical advantages over the existing twice-nightly formulation. The NDA is backed by positive results from the Phase 3 REST-ON study, with further data expected at upcoming conferences.
Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced participation in fireside chats at the H.C. Wainwright Global Life Sciences Conference on March 9, 2021 and the Oppenheimer 31st Annual Healthcare Conference on March 17, 2021. The management team will discuss the company's investigational drug, FT218, a once-nightly formulation of sodium oxybate for treating narcolepsy-related symptoms. Webcasts of these events will be available on the company's website for 90 days following the presentations.
Avadel Pharmaceuticals (Nasdaq: AVDL) will host a conference call on March 9, 2021, at 8:30 a.m. ET to discuss its financial results for Q4 and FY 2020. The company focuses on developing FT218, a once-nightly formulation of sodium oxybate for treating narcolepsy. Investors can access the call at (877) 407-9716 for the U.S. and Canada or (201) 493-6779 internationally, with conference ID 13716363. A live audio webcast will be available on the company’s website, accessible for replay for 90 days post-event.
Avadel Pharmaceuticals (Nasdaq: AVDL) announced the appointment of Richard Kim as Chief Commercial Officer to spearhead the U.S. launch of FT218, a once-nightly sodium oxybate formulation. With over 25 years of experience in biopharmaceuticals, Kim's role is pivotal as the company prepares for FT218's regulatory approval. The NDA was submitted to the FDA, and FT218 promises to be a potentially significant advancement in narcolepsy treatment. The company's leadership emphasizes the strategy to create shareholder value through this expected commercial launch.
Avadel Pharmaceuticals (Nasdaq: AVDL) announced its participation in the 10th Annual SVB Leerink Global Healthcare Conference from February 24-26, 2021. The management team will join a fireside chat on February 24 at 3:40 p.m. ET. A live webcast will be available for viewing on Avadel's website and will remain accessible for 90 days. The company is focused on FT218, an investigational sodium oxybate formulation aimed at treating excessive daytime sleepiness and cataplexy in adults with narcolepsy, and has submitted a New Drug Application to the FDA.
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