Adial Pharmaceuticals Completes Private Placement of Common Stock at $4.00 Per Share
23 December 2021 - 1:25AM
Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW)
(“Adial” or the “Company”), a clinical-stage biopharmaceutical
company focused on developing therapies for the treatment and
prevention of addiction and related disorders, today announced that
it has received the balance of $720,000 due from the $800,000
private placement previously disclosed by the Company on November
10, 2021 (the “Offering”). The shares of common stock sold in the
Offering were priced at $4.00 per share and a total of 200,000
shares (the “Shares”) were purchased in the Offering. The Offering
was fully subscribed.
The Shares were purchased pursuant to a
Securities Purchase Agreement (“SPA”) by Bespoke Growth Partners,
Inc. (“Bespoke”), a long-time strategic investor in Adial. Bespoke
is controlled by Adial’s Chief Strategy Officer, Mark Peikin. The
payment of the balance of funds due was triggered by Securities and
Exchange Commission’s December 16, 2021, Notice of Effectiveness of
the Form S-3 Registration Statement registering the Shares.
No warrants, options, rights or other securities
were issued or granted and no broker fees were incurred by Adial in
connection with the Offering.
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, serotonin-3 receptor
antagonist, therapeutic agent for the treatment of Alcohol Use
Disorder (AUD) and is currently being investigated in the Company’s
landmark ONWARD™ pivotal Phase 3 clinical trial 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. 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). AD04
is also believed to have the potential to treat other addictive
disorders such as Opioid Use Disorder, gambling, and obesity. The
Company is also developing adenosine analogs for the treatment of
pain and other disorders. Additional information is available at
www.adialpharma.com.
About Purnovate, Inc.
Purnovate, Inc., a wholly owned subsidiary of
Adial Pharmaceuticals, is a pharmaceutical development and
chemistry company focused on inventing and developing selective,
potent, stable, and soluble adenosine analogs to treat diseases and
disorders such as pain, cocaine addiction, inflammation, infectious
disease, cancer, asthma, and diabetes. Additional information is
available at www.purnovate.com.
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. The forward-looking statements include statements
regarding the potential of AD04 to treat other addictive disorders
such as opioid use disorder, gambling, and obesity, and the
invention and development of selective, potent, stable, and soluble
adenosine analogs to treat diseases and disorders such as pain,
cocaine addiction, inflammation, infectious disease, cancer,
asthma, and diabetes. Any forward-looking statements included
herein reflect our current views, and they involve certain risks
and uncertainties, including, among others, our ability to enroll
patients within the timelines anticipated and complete clinical
trials on time and achieve desired results and benefits as
expected, 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 our product candidates in the
marketplace and the successful development, marketing or sale of
our 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 Annual Report on Form 10-K for the year
ended December 31, 2020, subsequent Quarterly Reports on Form 10-Q
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. 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, LLCDavid
Waldman / Natalya RudmanTel: 212-671-1021Email:
adil@crescendo-ir.com
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