Adolor Corporation (Nasdaq GM:ADLR), a biopharmaceutical company focused on the development of products related to pain management, today appointed John M. Limongelli, Esq., as general counsel, managing all legal affairs for the company. Mr. Limongelli will also be a senior vice president, reporting directly to Adolor president and CEO Michael Dougherty.
Mr. Limongelli comes from a much larger corporate environment, Cephalon, Inc., a global pharmaceutical company with annual sales approaching $2 billion, where he was associate general counsel and vice president. Prior to that he was with one of the world’s largest law firms, Morgan, Lewis & Bockius out of Philadelphia, and is a graduate of Temple University.
“As Adolor continues its transition to a commercial stage pharmaceutical company, John’s industry and private practice experience will prove to be an invaluable asset to the company” said Dougherty.
Adolor (www.Adalor.com) was founded in 1993. Located just outside of Philadelphia, it has approximately 115 employees engaged in pharmaceutical research and production. Research efforts have targeted the development of products to maintain or enhance the effectiveness of pain relief pharmaceuticals, while reducing or eliminating negative side effects.
Adolor’s primary product is Entereg®, used for gastrointestinal surgery patients, where it is designed to block the negative effects of opioids, such as morphine, without reducing pain relief. Entereg® is also in late-stage development for the management of OBD (opioid-induced bowel dysfunction). Adolor has a collaboration agreement with GlaxoSmithKline (GSK) for the exclusive worldwide development and commercialization of Entereg®, and also collaborates with Pfizer (PFE).
In spite of ongoing challenges in the area of sales and FDA approvals, Adolor continues to feed its pipeline for future products and applications. Rolling earnings-per-share, though still in negative territory, has increased dramatically over the past year, and has now surpassed what it was in early 2006 when Adolor’s share price was in the $20s. Adolor closed Tuesday at $3.21.
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