Business
Adial Pharmaceuticals Provides Business Update and Reports First Quarter 2022 Financial Results
Nears completion of ONWARD™ Phase 3 pivotal trial of AD04 for the treatment of Alcohol Use Disorder; on track to report Phase 3 results in the current quarter
About this update from Adial Pharmaceuticals, Inc
[{"type":"text","content":"Nears completion of ONWARD™ Phase 3 pivotal trial of AD04 for the treatment of Alcohol Use Disorder; on track to report Phase 3 results in the current quarter Ended first quarter with cash and cash equivalents of $12.7 million CHARLOTTESVILLE, Va., May 16, 2022 (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 provided a business update and reported its financial results for the first quarter of 2022. William Stilley, Adial’s Chief Executive Officer, stated, “As previously reported, we completed the last patient visit in the ONWARD™ Phase 3 pivotal trial for AD04 for the treatment of alcohol use disorder (AUD) during the first quarter of 2022, exceeding our prior enrollment targets. We have now also completed the necessary safety protocol follow-up, and we are actively addressing other trial closing procedures related to our clinical sites and statistical analysis. We remain on track to report top line results this quarter, assuming no unanticipated delays with the remaining activities or compilation of the statistical data. Overall, we are highly encouraged by the outlook for the trial based on the prior encouraging Phase 2b data, as well as the current, blinded safety data and trial retention rate, which suggest a well-tolerated therapy.” Mr. Stilley continued, “We ended the first quarter of 2022 with more than $12 million of cash and cash equivalents. As a result, we are well funded to advance partnering discussions, as well as regulatory and other steps necessary as we prepare for potential commercialization of AD04. AUD is the leading cause of death for individuals ages 15 to 49 and represents a potential $36 billion dollar market in the U.S. alone, with 35 million individuals estimated to be suffering from AUD. We believe the potential number of patients is even larger in Europe, where we are concluding the current Phase 3 trial. Notably, Europe has the highest per capita alcohol consumption in the world with an estimated 55 million people with AUD. Sadly, there are limited options for patients suffering from AUD due to the significant side effects of conventional therapies and the fact that these treatments have been largely ine...