Business
Adial Announces Funding of Management-Led $2,100,000 Above Market Private Placement at $3.00 Per Share
CHARLOTTESVILLE, Va., June 03, 2021 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW) (“Adial” or the “Company”), a clinical-stage
About this update from Adial Pharmaceuticals, Inc
[{"type":"text","content":"CHARLOTTESVILLE, Va., June 03, 2021 (GLOBE NEWSWIRE) -- 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 completed the $2,100,000 private placement of 700,001 shares of common stock at a price of $3.00 per share (the “Shares”) on June 1, 2021. The private placement investors included Bespoke Growth Partners, Inc., a company controlled by a member of management, a member of the Board of Directors of the Company, and Keystone Capital Partners, LLC. No warrants were issued and no brokers fees were incurred in this financing transaction. As previously disclosed, the Company received $291,003 upon the parties’ execution of their respective Securities Purchase Agreements and the balance of $1,809,000 following the U.S. Securities and Exchange Commission declaring the registration statement on Form S-3 registering the resale of the private placement shares effective on May 26, 2021. “We are excited to expand our relationship with Adial through this financing,” said Fred Zaino, Managing Partner and Chief Investment Officer of Keystone Capital Partners. “Adial has continued to execute and we remain as encouraged as ever by the outlook for the business. AD04 addresses a multi-billion-dollar, underserved market for alcohol use disorder, with potential for expansion into new indications such as opioid use disorder. Moreover, Keystone believes that through the acquisition of Purnovate and its expansion plans, Adial is positioning itself become a leader in the broader addiction market, including with a drug candidate for non-opioid pain reduction that addresses one of the key contributors to addiction.” “Purpose-driven investment is paramount to us at Bespoke,” said Mark H. Peikin, CEO of Bespoke Growth Partners and Chief Strategy Officer of Adial. “Addiction has affected so many of us and our families, and has been further exacerbated by the pandemic. Importantly, Adial is mid-stage in the landmark ONWARD Phase 3 clinical trial testing AD04 for alcohol use disorder, and we are looking forward to the completion of the trial.” About Adial Pharmaceuticals, Inc. Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developi...