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Adial Pharmaceuticals Announces Closing of $5 Million Private Placement Priced at a Premium to Market
Financing fully funds ONWARD™ Phase 3 trial until data read-out CHARLOTTESVILLE, Va., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ:
About this update from Adial Pharmaceuticals, Inc
[{"type":"text","content":"Financing fully funds ONWARD™ Phase 3 trial until data read-out\nCHARLOTTESVILLE, Va., Aug. 05, 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 $5,000,002 private placement of 1,666,668 shares of common stock at a price of $3.00 per share (the “Shares”) on August 4, 2021. The private placement was led by Bespoke Growth Partners, Inc., which invested $2,500,000, and is a company controlled by Mark Peikin, Adial’s Chief Strategy Officer, and also included Richard Gilliam, founder of Cumberland Resources, and Keystone Capital Partners LLC, all of whom were previous investors in the Company. No warrants were issued in this financing, and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as an advisor on the transaction. As previously disclosed, the Company received $500,002 upon the parties’ execution of their respective Securities Purchase Agreements and has now received the balance of $4,500,000 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 July 29, 2021. In combination with the private placement previously announced on June 3, 2021, this transaction marks the completion of a set of financings totaling $7.1 million. William Stilley, Adial’s Chief Executive Officer, commented, “We are pleased to close this last piece of our $7.1 million in private placements, and we appreciate the support of the participating investors. We believe this latest financing illustrates the tremendous confidence and support of our existing shareholders, as well as our conviction in the positive outlook for the business. This funding is anticipated to provide us more than sufficient capital to complete the ONWARD™ Phase 3 trial of AD04 as a genetically targeted treatment for Alcohol Use Disorder through data read-out. Additionally, it is expected to allow us to achieve key milestones for our pre-clinical adenosine program for non-opiate pain relief.” About Adial Pharmaceuticals, Inc. Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the develop...