Avadel Pharmaceuticals plc (NASDAQ: AVDL) today announced that Michael S. Anderson has resigned as Chief Executive Officer and as a member the Companys Board of Directors. Gregory J. Divis, Chief Operating Officer of Avadel, has been named Interim Chief Executive Officer of Avadel, effective immediately. The Board of Directors is initiating a search for a permanent Chief Executive Officer.
In conjunction with the management change, Geoffrey M. Glass, President of Clear Sciences, LLC and current member of Avadels Board of Directors, has been named Chairman of the Board. The Honorable Craig Stapleton is stepping down as Chairman but will remain on the Companys Board. In addition, Dr. Eric J. Ende, an experienced biopharmaceutical industry leader, has joined Avadels Board of Directors following consultation with Broadfin Capital, LLC.
On behalf of the entire Board, I would like to thank Mike Anderson for his leadership and service to Avadel and to the Honorable Craig Stapleton for his past and future contributions to the Company as Chairman and member of the Board, said Mr. Glass. I look forward to working closely with Greg and his team as we enter 2019. We will be evaluating all aspects of our existing businesses and corporate strategy to ensure we are best positioned to serve patients and rebuild shareholder value. With four new directors appointed in recent months, I am confident that the Board is fully aligned and focused on these missions.
I am excited to be joining the Board of Directors at this important time, said Dr. Eric Ende. Avadel is a company that delivers value to patients via a strong portfolio of medicines both on market and in development. There is a great opportunity for the Company to re-focus and drive value for shareholders. I look forward to working with my colleagues on the Board to make that happen.
Dr. Ende currently serves as President of Ende BioMedical Consulting Group and as a member of Matinas Biopharmas Board of Directors. Previously he served on the Board of Directors of Genzyme from 2010 until it was acquired by Sanofi-Aventis in 2011 for $20 billion. During his tenure on Genzymes Board of Directors, Dr. Ende was a member of the Audit and Risk Management Committees. From 2002 through 2008, Dr. Ende was the senior biotechnology analyst at Merrill Lynch. From 2000 to 2002, Dr. Ende served as the senior biotechnology analyst at Bank of America Securities and, from 1997 to 2000, he served as a biotechnology analyst at Lehman Brothers.
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