Adial Pharmaceuticals Announces Planned Appointment of Celia Economides as Chief Financial Officer

Seasoned public company CFO with deep autoimmune disease experience has helped raise more than $1 billion over a 20+ year biotech career

Will lead the Company’s finance organization and capital strategy as it transitions to Azora Therapeutics and advances AT177 toward the clinic

GLEN ALLEN, Va., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (Nasdaq: ADIL) (“Adial” or the “Company”), a clinical-stage biopharmaceutical company focused on developing treatments for serious inflammatory diseases, today announced that Celia Economides, the Company’s current Executive Vice President of Finance, is expected to be appointed Chief Financial Officer effective promptly after the Company’s reconvened 2026 Annual Meeting of Stockholders, if certain of the proposals being presented to stockholders are approved. Ms. Economides will succeed Vinay Shah.

“Celia has raised capital in strong and challenging markets, built finance and investor relations functions from the ground up, and knows the autoimmune space well from her work at Aurinia and Kezar,” said Matt Davidson, Ph.D., Adial’s Chief Development Officer, who is expected to be appointed President and Chief Executive Officer at the same time as Ms. Economides’ appointment. “We believe that combination is exactly what we need as we rapidly advance AT177 toward the clinic and build the organization for its next stage of growth.”

Ms. Economides brings more than two decades of experience in biotech finance, corporate development and capital markets. Over her career, she has helped execute more than $1 billion in equity financings, non-dilutive financings, and other strategic transactions. She joined Adial as Executive Vice President of Finance in August 2026.

Prior to joining Adial, Ms. Economides served as Chief Financial Officer and Chief Business Officer of CellCentric, a clinical-stage oncology company. Prior to that, she served as Executive Vice President and Chief Financial Officer of Gritstone bio, Inc. and later as interim Chief Executive Officer. Earlier in her career, she held senior roles at Kezar Life Sciences and Aurinia Pharmaceuticals, where she contributed to the development of small molecule drugs for autoimmune diseases. Ms. Economides also previously served as a director of global medical affairs at BioMarin Pharmaceutical, led investor relations at the Biotechnology Innovation Organization (BIO), and worked at a healthcare-focused hedge fund and in biotech-focused financial services. Ms. Economides holds a B.A. from McGill University and an M.P.H. in Health Policy and Management from Columbia University.

“I am excited to step into the Chief Financial Officer role during this important moment for the company,” said Ms. Economides. “AT177’s targeted approach to AhR activation has the potential to address significant unmet needs for patients with ulcerative colitis, and I look forward to working with the team to support its continued development.”

As previously disclosed, if the conversion of the Company’s Series A preferred stock, together with other related required Company stockholder matters, are each approved by stockholders and the Company’s Initial Listing Application is approved by Nasdaq, Adial expects to change its name to Azora Therapeutics, Inc., and its common stock is expected to begin trading on The Nasdaq Capital Market under the symbol “AZR” promptly after such approvals are obtained.

Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for serious inflammatory diseases. Following its June 2026 acquisition of Azora Therapeutics, the Company’s lead program is AT177, an oral, colon-targeted aryl hydrocarbon receptor (AhR) agonist designed to activate AhR locally in the colon while limiting systemic exposure, in development for ulcerative colitis. AT177 is currently in IND-enabling studies, with a Phase 1 clinical trial planned for the first half of 2027. AT177 is investigational and has not been approved by the U.S. Food and Drug Administration or any other regulatory authority. For more information, visit www.adial.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated appointment of Ms. Economides as Chief Financial Officer and its timing, the expected contribution of Ms. Economides, rapidly advancing AT177 toward the clinic, building the organization for its next stage of growth, the proposed corporate name change and its timing, approval and effects, the anticipated ticker symbol change, and the Company's development plans and the potential of its product candidates. Words such as "anticipate," "expect," "intend," "plan," "potential," "will" and similar expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the timing and completion of the CFO transition, the Company’s ability to pursue its regulatory strategy, the Company’s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, the Company’s ability to obtain the capital necessary to fund its research and development, the Company’s ability to complete preclinical and clinical studies on time and with desired results, acceptance of the Company’s product candidates in the marketplace and the successful development, marketing or sale of its products, the Company’s ability to obtain stockholder approval of the conversion of its Series A preferred stock, without which it could be required to make significant cash payments to holders of that stock, Nasdaq’s approval of the Company’s initial listing application, the continued maintenance and growth of the Company’s patent estate and the Company’s ability to retain its key employees. These risks should not be construed as exhaustive and should be read together with the cautionary statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, and amendments thereto, and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.