Business
Adial Pharmaceuticals Enters into Common Stock Purchase Agreement with Keystone Capital Partners to Support Strategic Opportunities and Future Growth Initiatives
CHARLOTTESVILLE, VA / ACCESSWIRE / November 25, 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 / November 25, 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 Common Stock Purchase Agreement (the \"Purchase Agreement\") with Keystone Capital Partners (\"Keystone Capital\"), a New York-based family office with investments in biotech, real estate and consumer products. Pursuant to the Purchase Agreement, the Company will have the right to sell to Keystone Capital up to $15 million of the Company's common stock from time-to-time during the term of the Purchase Agreement subject to certain conditions including the effectiveness of a registration statement relating to the shares. Sales of common stock, and the timing of any sales, are solely at the option of the Company and the Company is under no obligation to sell securities pursuant to this arrangement.\"We decided to enter into this agreement with Keystone as we believe they have a strong fundamental understanding our business, and are an ideal strategic partner to support any financial needs that may arise,\" said William Stilley, CEO of Adial Pharmaceuticals. \"We have no immediate plans to raise capital, with over $7 million of cash on hand as of September 30, 2020; however, this transaction provides additional flexibility and capability to take advantage of strategic opportunities and future growth initiatives when they may arise.\"\"We are pleased to enter into this relationship with Adial,\" said Fred Zaino, Managing Partner and Chief Investment Officer of Keystone. \"After evaluating Adial, its clinical pipeline, and its management team, and after thorough due diligence, we believe Adial represents a promising investment opportunity. Formation of this partnership memorializes our intention to build a long-term relationship with Adial, committing capital as necessary as the Company builds its business in the growing space of addiction that is currently woefully underserved.\"Details of the Purchase Agreement and Registration Rights Agreement are available in the Company's Form 8-K, which has been filed with the securities and Exchange Commission and is available at www.sec.gov or visit the Company's web site here.About Adial Pharmaceuticals, Inc. Adial Pha...