Vallon Pharmaceuticals eliminates SVP role, hires Ladenburg for strategic review to maximize value

GRI Bio, Inc.

Effective April 19, 2022, eliminated Penny Toren's SVP Regulatory Affairs position; no disagreement or cause; 6-month severance.
Engaged Ladenburg Thalmann to evaluate strategic alternatives including merger, business combination, or asset sale.
Clinical-stage biopharma focused on abuse-deterrent ADHD drugs ADAIR and ADMIR; cash preservation via streamlining.
No assurance any transaction will result; company will not disclose details unless a specific deal is reached.

item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Penny S. Toren

Senior Vice President, Regulatory Affairs & Project Management

GRI · GRI Bio, Inc.

Effective: 2022-04-19
Filed: April 22, 2022, 7:59 PM ET

On April 19, 2022, Penny S. Toren's position as Senior Vice President, Regulatory Affairs & Project Management of Vallon Pharmaceuticals, Inc. (the "Company") was eliminated, effective immediately, as part of the Company's effort to streamline its operations in order to preserve its capital and cash resources and not as the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices or in any way for cause.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Penny S. Toren departed as Senior Vice President, Regulatory Affairs & Project Management at GRI Bio, Inc..

Action: position eliminated
Role: Senior Vice President, Regulatory Affairs & Project Management

Exact text from the filing

On April 19, 2022, Penny S. Toren's position as Senior Vice President, Regulatory Affairs & Project Management of Vallon Pharmaceuticals, Inc. (the "Company") was eliminated, effective immediately, as part of the Company's effort to streamline its operations in order to preserve its capital and cash resources and not as the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices or in any way for cause.

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GRI Bio, Inc. filing history →

Source: SEC EDGAR

accession 0001824293-22-000024

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