Business
Adial Pharmaceuticals Reports Third Quarter 2024 Financial Results and Provides Business Update
GLEN ALLEN, Va., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) (“Adial” or the “Company”), a clinical-stage biopharmaceutical
About this update from Adial Pharmaceuticals, Inc
[{"type":"text","content":"GLEN ALLEN, Va., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) (“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 third quarter of 2024. Cary Claiborne, President and Chief Executive Officer of Adial, stated, “We reached an important milestone this quarter with the successful database lock of the pharmacokinetics study for AD04, our lead investigational, genetically targeted therapeutic for the treatment of Alcohol Use Disorder (AUD). The pharmacokinetics study is essential for validating AD04’s dosing and safety profile, and we expect to report topline results soon. This accomplishment would position us to begin regulatory preparations, reinforcing our mission to bring a safe, effective AUD treatment to market.” “Building on our commitment to personalized addiction care, we have entered into a strategic partnership with Boudicca Dx to support the development plan for our companion diagnostic genetic test and help ensure compliance with FDA guidelines. This innovative tool is designed to identify genetic markers that indicate a patient’s responsiveness to AD04, paving the way for more targeted and effective treatment options.” “Furthermore, the National Institute on Alcohol Abuse and Alcoholism recently introduced a new, broader definition of recovery, which expands the concept beyond abstinence alone. This inclusive perspective acknowledges the various paths individuals may take in their recovery journeys. By aligning with this comprehensive definition, we are optimistic that it will stimulate additional support for programs like AD04. Overall, we are proud of the meaningful progress made during the quarter and believe we are making progress in advancing AD04 toward commercialization,” concluded Mr. Claiborne. Other Developments Management On November 5, 2024, Adial announced the appointment of Vinay Shah as Chief Financial Officer, effective November 16, 2024. Patents On October 17, 2024, Adial announced that the United States Patent and Trademark Office has issued a Notice of Allowance for a new patent. The patent, once issued, will cover additional genotype combinations identified through the Company’...