Avadel Pharmaceuticals sees shares drop after CCO resignation

Shares of Avadel Pharmaceuticals (NASDAQ:AVDL ) experienced a significant drop, plunging as much as 19% to reach their lowest point since April 2023. This downturn occurred following the announcement that the company's Chief Commercial Officer, Richard Kim, will be resigning from his position effective December 31.

Despite his departure, Kim will remain eligible for the incentive compensation planned for 2024, according to a company statement.

Avadel Pharmaceuticals is known for marketing Lumryz, a drug based on oxybate designed for the treatment of narcolepsy. The company has recently received approval to extend the use of Lumryz to pediatric patients.

Kim's resignation comes at a critical time for Avadel as it navigates the expansion of its market reach with this recent approval.

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Source: Investing.com