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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) will join the Russell 3000® Index following the 2024 Russell US Indexes annual reconstitution, effective July 1, 2024. This inclusion highlights Avadel's growth and market presence, providing enhanced visibility among investors. CEO Greg Divis expressed pride in this milestone and emphasized its potential to boost the company's commercial launch of LUMRYZ, aiming to create long-term shareholder value. The Russell 3000® Index encompasses the 4,000 largest US stocks by market capitalization, with Avadel's inclusion facilitating entry into either the Russell 2000® or Russell 1000® Index, along with relevant growth and value style indexes. The Russell indexes are key benchmarks for investment managers, with $10.5 trillion in assets benchmarked against them as of December 2023.
Avadel Pharmaceuticals (Nasdaq: AVDL) has announced that its management will participate in two upcoming investor conferences. The company will join the Jefferies Global Healthcare Conference for a fireside chat on June 6 at 10:30 a.m. ET, and the Goldman Sachs 45th Annual Global Healthcare Conference for a fireside chat on June 12 at 3:20 p.m. ET. These events will be live-streamed and archived on Avadel's Investor Relations website for 90 days post-conference.
Avadel Pharmaceuticals (Nasdaq: AVDL) will present 11 posters and one oral presentation on LUMRYZ, an extended-release oral suspension for narcolepsy, at SLEEP 2024 from June 1-5 in Houston. LUMRYZ, FDA-approved in 2023, is the first once-nightly sodium oxybate for cataplexy and excessive daytime sleepiness (EDS). Key findings from the RESTORE study indicate 94% of patients prefer LUMRYZ over twice-nightly oxybate, with 91% reporting improved sleep quality and 89% likely to recommend it. Presentations will cover patient satisfaction, symptom control, dosing adherence, and demographic comparisons. The drug's boxed warning includes CNS depression and abuse potential. Common side effects are nausea, dizziness, enuresis, headache, and vomiting. The new data underscores LUMRYZ's effectiveness and patient preference in narcolepsy treatment.
Avadel Pharmaceuticals announced the appointment of Naseem Amin, M.D. to its board of directors, effective May 17, 2024. Dr. Amin, an executive with 30 years of global industry experience, currently serves as CEO of Orphalan SA. His background includes roles at Arix Bioscience, Advent Life Sciences, Smith and Nephew, Biogen Idec, Genzyme , and Baxter Healthcare. Dr. Amin joins Avadel as the company focuses on the commercial launch of LUMRYZ, a treatment for narcolepsy, and its potential expansion into pediatric and idiopathic hypersomnia markets.
Avadel Pharmaceuticals reported strong financial results for the first quarter of 2024, generating $27.2 million in net revenue from LUMRYZ sales. The company enrolled over 2,800 patients in RYZUP patient support services, with more than 1,700 patients initiating therapy. Avadel is seeking to expand LUMRYZ usage through a sNDA for pediatric narcolepsy and plans to start a Phase 3 trial for idiopathic hypersomnia. Despite a net loss of $27.3 million, Avadel holds $88.8 million in cash and marketable securities as of March 31, 2024.
Avadel Pharmaceuticals plc will host a conference call and live webcast on May 8, 2024, to provide a corporate update and discuss the financial results for the first quarter of 2024. Investors can access the call through dial-in numbers or the company's website.
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