Avadel Pharmaceuticals appointed Sev Melkonian as Vice President of Patient Services, enhancing support for LUMRYZ users in narcolepsy.
Quiver AI Summary
Avadel Pharmaceuticals has announced the appointment of Sev Melkonian as Vice President of Patient Services, Distribution, and Reimbursement. With over 20 years of experience in healthcare operations and patient support, Melkonian previously led patient access operations at Takeda Pharmaceuticals. His expertise in establishing patient access centers and navigating the commercialization of therapies for rare diseases is expected to enhance the support provided to patients and providers of Avadel's product, LUMRYZ, which is the first oxybate treatment for narcolepsy approved by the FDA. Avadel CEO Greg Divis emphasized the importance of Melkonian's role in advancing LUMRYZ's adoption and improving the patient experience as the company continues its growth trajectory.
Potential Positives
- Sev Melkonian's appointment as Vice President of Patient Services, Distribution, and Reimbursement strengthens Avadel's leadership team, bringing over 20 years of relevant experience in healthcare operations, which can enhance the company's patient support services.
- Mr. Melkonian’s expertise in establishing patient access centers is expected to accelerate the adoption of LUMRYZ, which is critical for the company's growth in the narcolepsy treatment market.
- His experience with Takeda Pharmaceuticals and CVS Health adds valuable insights into patient access and commercial strategies, potentially improving the company's operational efficiency as it prepares for further commercial launch activities.
- With LUMRYZ being the first and only once-at-bedtime oxybate approved for narcolepsy, Mr. Melkonian’s role will be pivotal in enhancing the support network for patients and providers, positioning Avadel as a leader in addressing patient needs in this therapeutic area.
Potential Negatives
- Announcement of a new Vice President role may indicate the need for a strategic overhaul or improvement in company operations, suggesting previous performance issues.
- The ongoing search for a Chief Commercial Officer could imply instability or challenges in leadership within the company's commercial strategy.
- Focus on enhancing patient services and support may indicate struggles with the current adoption and market penetration of LUMRYZ.
FAQ
Who is Sev Melkonian?
Sev Melkonian is the new Vice President of Patient Services, Distribution, and Reimbursement at Avadel Pharmaceuticals.
What are Sev Melkonian's qualifications?
He holds an MBA, an MHA, and a BS in Pharmacy, with over 20 years in healthcare operations.
What is Avadel Pharmaceuticals' focus?
Avadel Pharmaceuticals focuses on transforming medications to improve patient lives, especially in rare diseases like narcolepsy.
What is LUMRYZ?
LUMRYZ is Avadel's commercial product, the first once-at-bedtime oxybate approved for treating narcolepsy in patients aged 7 and older.
What role will Sev Melkonian play at Avadel?
He will enhance patient support services and optimize the experience with LUMRYZ as the company prepares for commercial launch.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AVDL Insider Trading Activity
$AVDL insiders have traded $AVDL stock on the open market 9 times in the past 6 months. Of those trades, 9 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $AVDL stock by insiders over the last 6 months:
- ERIC J ENDE purchased 30,000 shares for an estimated $235,218
- GEOFFREY MICHAEL GLASS has made 2 purchases buying 20,279 shares for an estimated $199,640 and 0 sales.
- GREGORY J DIVIS (Chief Executive Officer) has made 2 purchases buying 10,000 shares for an estimated $99,706 and 0 sales.
- PETER J. THORNTON purchased 10,000 shares for an estimated $80,450
- THOMAS S MCHUGH (Chief Financial Officer) has made 2 purchases buying 7,300 shares for an estimated $76,451 and 0 sales.
- LINDA PALCZUK purchased 3,000 shares for an estimated $30,567
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AVDL Hedge Fund Activity
We have seen 98 institutional investors add shares of $AVDL stock to their portfolio, and 66 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VIVO CAPITAL, LLC added 2,684,109 shares (+inf%) to their portfolio in Q3 2024, for an estimated $35,202,089
- GOLDMAN SACHS GROUP INC added 1,859,968 shares (+inf%) to their portfolio in Q3 2024, for an estimated $24,393,480
- POLAR CAPITAL HOLDINGS PLC removed 1,726,387 shares (-26.3%) from their portfolio in Q3 2024, for an estimated $22,641,565
- TRI LOCUM PARTNERS LP added 1,660,955 shares (+inf%) to their portfolio in Q3 2024, for an estimated $21,783,424
- ADAGE CAPITAL PARTNERS GP, L.L.C. removed 994,738 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $13,045,988
- MILLENNIUM MANAGEMENT LLC added 964,257 shares (+7007.2%) to their portfolio in Q3 2024, for an estimated $12,646,230
- PENN CAPITAL MANAGEMENT COMPANY, LLC added 608,399 shares (+inf%) to their portfolio in Q3 2024, for an estimated $7,979,152
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
DUBLIN, Ireland, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Avadel Pharmaceuticals plc (Nasdaq: AVDL), a biopharmaceutical company focused on transforming medicines to transform lives, announced today that Sev Melkonian has joined the company as Vice President of Patient Services, Distribution, and Reimbursement. Mr. Melkonian has extensive industry experience building and leading healthcare operations and patient support service teams across global healthcare and biopharmaceutical organizations.
"We are thrilled to welcome Sev to the Avadel team," said Greg Divis, Chief Executive Officer of Avadel Pharmaceuticals. "Providing comprehensive support to patients and providers and continuously improving their experience with LUMRYZ is critical to Avadel’s success. Sev’s expertise in establishing and leading patient access centers of excellence while navigating the complexities of commercializing new drugs in the rare disease space makes him uniquely qualified to accelerate LUMRYZ’s adoption as the preferred oxybate for patients and providers. His background and skillset will be invaluable as we search to replace our Chief Commercial Officer and, in parallel, continue establishing LUMRYZ’s leadership within the narcolepsy community."
Mr. Melkonian brings more than 20 years of healthcare operations and patient services leadership to Avadel. Most recently, he led Patient Access Partner Operations at Takeda Pharmaceuticals, where he directed teams in support of Takeda’s USBU Portfolio including Rare Disease Patient Services Programs. Prior to joining Takeda Pharmaceuticals, Mr. Melkonian held leadership roles within CVS Health's Pharmaceutical Purchasing Organization in the areas of Pharmaceutical Trade, Distribution and Drug Pricing. Mr. Melkonian holds an MBA from Northeastern University, an MHA from Suffolk University, and a BS in Pharmacy from the Massachusetts College of Pharmacy and Health Sciences.
“Joining Avadel at this juncture offers an exciting opportunity to build on its strong patient support foundation as the Company enters its next phase of commercial launch,” said Mr. Melkonian. “I look forward to helping narcolepsy patients and providers and optimizing their experience with LUMRYZ.”
About Avadel Pharmaceuticals plc
Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development of medications that address the challenges patients face with current treatment options. Avadel’s commercial product, LUMRYZ TM , was approved by the U.S. Food & Drug Administration (FDA) as the first and only once-at-bedtime oxybate for the treatment of cataplexy or EDS in patients 7 years of age and older with narcolepsy. For more information, please visit www.avadel.com.
Investor Contact:
Austin Murtagh
Precision AQ
[email protected]
(212) 698-8696
Media Contact:
Lesley Stanley
Real Chemistry
[email protected]
(609) 273-3162
