Baton Rouge, LA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Adhera Therapeutics, Inc. (OTCQB:ATRX) ("Adhera" or the "Company"), a clinical stage biopharmaceutical company, today announces that on September 8, 2022, the Company's Board of Directors (the "Board") appointed Zahed Subhan PhD MBA JD as Chief Executive Officer of Adhera Therapeutics, effective September 30, 2022. The same day, Dr. Subhan was elected to serve as Chairman of the Board.
Dr. Subhan has been serving as a Company Director since November 5, 2021, and has more than 35 years' experience in research, development and commercialization in multinational pharmaceutical companies, including Sanofi, GlaxoSmithKline, Dupont Pharmaceuticals, and as Senior Management/CEO of both public and privately held biotechnology companies.
"We are pleased to be in the final stages of an important but necessary transition from a service-led business model to that of a clinical stage biopharmaceutical company that has the potential to build real value for shareholders. In that regard, we are committed to uplist to a national exchange and accelerating the development of our pipeline addressing truly unmet medical needs in Parkinson's disease and Type 1 diabetes," commented Dr. Subhan.
Andrew "Al" Kucharchuk, the current Chief Executive Officer, will continue to hold the position until September 30, 2022, at which time he will assume the Company's new position of Chief Operating Officer at Adhera with responsibilities for the daily operations of the company, including the CFO function, Corporate Development and Investor Relations. Al will also be seated as Vice-Chairman of the Board.
"I want to thank Al for his expert stewardship of Adhera during a particularly challenging time. We have Al to thank for many of our accomplishments, including the in-licensing of our phase 2 ready drug candidates, thus spearheading Adhera's transition to a biopharmaceutical company. Looking forward, it was pertinent to re-align the leadership team in the most prudent manner to achieve our next major milestones, including filing a Form S-1 with the Securities and Exchange Commission and initiating phase 2 clinical trials of MLR-1019 and MLR-1023. I look forward to serving as CEO and Chairman and welcome a steady and transparent line of communication with our shareholders."
Separately, the Company wishes to inform shareholders that a new corporate website has been designed and is being completed that best reflects the portfolio and mission of Adhera Therapeutics today. There will be a short period of downtime while the old website is removed and new website is installed, tested, and brought live.
