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Adial Pharmaceuticals Enters Agreement to Acquire Purnovate, a Developer of Potential Therapies for Non-Opioid Pain Reduction and Treatment of Addiction
CHARLOTTESVILLE, VA / ACCESSWIRE / December 10, 2020 / 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 / ACCESSWIRE / December 10, 2020 / Adial Pharmaceuticals, Inc. (NASDAQ:ADIL; ADILW) (\"Adial\" or the \"Company\"), a clinical-stage biopharmaceutical company focused on the development of treatments for addictions, today announced that it has entered into a definitive agreement (\"Purchase Agreement\") to acquire Purnovate, LLC (\"Purnovate\"), a pharmaceutical development company focused on novel, drug candidates for non-opioid pain reduction and the treatment of addiction and other diseases through targeted use of adenosine analogs with promising potency, selectivity, stability, and solubility characteristics. In connection with the transaction, Purnovate's CEO, Robert D. Thompson, will join Adial as its Vice President, Chemistry.William Stilley, Chief Executive Officer of Adial, commented, \"We are excited to announce what we expect to be a transformative acquisition, with the potential to significantly expand and diversify Adial's addiction-related pipeline. Our lead product, AD04, is undergoing testing in the landmark ONWARD™ Phase 3 pivotal trial as a genetically targeted therapeutic agent for the treatment of Alcohol Use Disorder (AUD), and we plan to test AD04 in Phase 2 clinical trials for Opioid Use Disorder and other addictive disorders. The acquisition of a product development pipeline like Purnovate's is an obvious next step in furtherance of Adial's mission to build the world's leading, addiction-focused pharmaceutical company.\"\"Purnovate's lead program for non-opioid pain management provides Adial unique and differentiated compounds targeting the multi-billion-dollar pain market,\" continued Mr. Stilley. \"By providing an alternative to opioids, we would be targeting what we call the ‘supply side of addiction' and believe these drug candidates could be important tools in fighting addiction by preventing it. Adial's integration of Purnovate's platform also provides the opportunity to advance the invention and development of adenosine analog compounds that could be drug candidates for the treatment of addiction, including cocaine addiction. Adial is the ‘Medicines for Addiction' company and by this acquisition, Dr. Thompson and his team would bring additional expertise in chemistry, analytics and manufacturing. We expect this acquisition to be accretive not only with regard to expansion of our...