Adial Pharmaceuticals Retires All Outstanding Debt
25 December 2018 - 12:00AM
Adial Pharmaceuticals, Inc. (NASDAQ: ADIL;ADILW),
www.adialpharma.com, a clinical-stage biopharmaceutical company
focused on the development of medicines for addiction, today
announced that the holder of the sole remaining, outstanding
convertible note has fully converted the balance of the note into
common shares of the Company. As previously reported, the
convertible note had a face value of $325,000 and was convertible
into 162,500 shares of common stock.
William Stilley, CEO of Adial Pharmaceuticals,
commented, “As we position Adial for continued success in 2019, I
am pleased to report that we have now completed the retirement of
all outstanding debt instruments by facilitating the conversion of
this note obligation. We appreciate the support and confidence this
shareholder has provided leading up to and since our recent
IPO. Looking ahead, our goal is to drive shareholder value in
the coming year by achieving key clinical milestones, while
maintaining a clean capital structure and healthy balance
sheet.”
About Adial Pharmaceuticals, Inc.
Adial Pharmaceuticals is a clinical-stage
biopharmaceutical company focused on the development of treatments
for addictions. The Company’s lead investigational new drug
product, AD04, is a genetically targeted therapeutic agent for the
treatment of alcohol use disorder (“AUD”). A Phase 2b clinical
trial of AD04 for the treatment of AUD showed promising results in
reducing frequency of drinking, quantity of drinking and heavy
drinking (all with statistical significance), and no overt safety
concerns (there were no statistically significant serious adverse
events reported). The Company plans to commence a Phase 3 clinical
trial using AD04 for the potential treatment of AUD in subjects
with certain target genotypes, which are to be identified using the
Company’s proprietary companion diagnostic genetic test. AD04 is
also believed to have the potential to treat other addictive
disorders such as opioid use disorder, gambling, and obesity.
Forward Looking Statements
This communication contains certain
“forward-looking statements” within the meaning of the U.S. federal
securities laws. Such statements are based upon various facts and
derived utilizing numerous important assumptions and are subject to
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words
“believes,” “expects,” “anticipates,” “intends,” “projects,”
“estimates,” “plans” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could” are generally forward-looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. These statements are based upon current beliefs,
expectations and assumptions and include statements regarding
continuing to position Adial for success in 2019, driving
shareholder value in the coming year by achieving key clinical
milestones, while maintaining a clean capital structure and healthy
balance sheet, ADO4’s potential use in patients with opioid use
disorder, gambling and obesity and the expected benefit AD04 will
bring to patients. Any forward-looking statements included herein
reflect our current views, and they involve certain risks and
uncertainties, including, among others, the ability commence the
Phase 3 clinical trials in the first half of 2019, the ability to
expand the use of AD04 for use in patients with opioid use
disorder, the ability of AD04 therapy to perform as designed, to
demonstrate safety and efficacy, as well as results that are
consistent with prior results, , the ability to enroll patients and
complete the clinical trials on time and achieve desired results
and benefits, our ability to obtain regulatory approvals for
commercialization of product candidates or to comply with ongoing
regulatory requirements, regulatory limitations relating to our
ability to promote or commercialize our product candidates for
specific indications, acceptance of its product candidates in the
marketplace and the successful development, marketing or sale of
products, our ability to maintain our license agreements, the
continued maintenance and growth of our patent estate, our ability
to establish and maintain collaborations, our ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities, and our ability to retain our key employees
or maintain our Nasdaq listing. These risks should not be construed
as exhaustive and should be read together with the other cautionary
statement included in our registration statement on Form S-1 that
we have filed with the SEC and the final prospectus and our Current
Report on Form 10-Q for the quarter ended September 30, 2018. Any
forward-looking statement speaks only as of the date on which it
was initially made. We undertake 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.
Contact:
Crescendo Communications, LLC David Waldman Tel: 212-671-1021
Email: dwaldman@crescendo-ir.com
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