- Last Friday, Delaware District Court granted Avadel Pharmaceuticals plc's AVDL motion to delist the ‘963 Xyrem REMS patent.
- Needham says a favorable patent ruling clears a key hurdle for Lumryz, and Q3 FY23 is the most likely timeframe for full launch (vs. 4Q FY23 previously). The analyst has raised the price target to $9 from $8 with a Buy rating.
- Related: Avadel Pharmaceuticals Announces Favorable Ruling Regarding Sleep Disorder Drug Patent.
- Final approval of Lumryz should no longer be gated by patent expiry (June 17, 2023).
- Needham writes that hiring the full sales force and staffing will take the most time to accomplish, and therefore Avadel will be executing more of a soft launch in 1H23, with full launch readiness more likely in 3Q23.
- On financing, the management indicated that it had had several discussions exploring sources of committed capital. The analyst sees the final approval as a logical time point for this to occur.
- Price Action: AVDL shares are up 2.12% at $8.20 on the last check Monday.
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