Adial Pharmaceuticals Regains Compliance with Nasdaq Listing Requirement
November 29 2023 - 4:05PM
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 received notice from Nasdaq today that the Company has regained
compliance with Nasdaq Listing Rule 5550(b)(1), which requires
listed companies to maintain stockholders' equity of at
least $2,500,000. Nasdaq will continue to monitor the
Company’s ongoing compliance with the stockholders’ equity
requirement and, if at the time of its next periodic report the
Company does not evidence compliance, it may be subject to
delisting.
About Adial Pharmaceuticals,
Inc.
Adial Pharmaceuticals is a clinical-stage
biopharmaceutical company focused on the development of therapies
for the treatment and prevention of addiction and related
disorders. The Company’s lead investigational new drug product,
AD04, is a genetically targeted, serotonin-3 receptor antagonist,
therapeutic agent for the treatment of Alcohol Use Disorder (AUD)
in heavy drinking patients and was recently investigated in the
Company’s ONWARD™ pivotal Phase 3 clinical trial for the potential
treatment of AUD in subjects with certain target genotypes
(estimated to be approximately one-third of the AUD population)
identified using the Company’s proprietary companion diagnostic
genetic test. ONWARD showed promising results in reducing heavy
drinking in heavy drinking patients, and no overt safety or
tolerability concerns. AD04 is also believed to have the potential
to treat other addictive disorders such as Opioid Use Disorder,
gambling, and obesity. Additional information is available at
www.adial.com.
Forward Looking Statements
This communication contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws. Such statements are based upon various facts and
derived utilizing numerous important assumptions and are subject to
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words
"believes," "expects," "anticipates," "intends," "projects,"
"estimates," "plans" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and
"could" are generally forward-looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. The forward-looking statements include statements
regarding Nasdaq’s continued monitoring of our compliance and the
potential of AD04 to treat other addictive disorders such as opioid
use disorder, gambling, and obesity. Any forward-looking statements
included herein reflect our current views, and they involve certain
risks and uncertainties, including, among others, our ability to
pursue our regulatory strategy, our ability to maintain our Nasdaq
listing, our ability to advance ongoing partnering discussions, our
ability to obtain regulatory approvals for commercialization of
product candidates or to comply with ongoing regulatory
requirements, our ability to develop strategic partnership
opportunities and maintain collaborations, our ability to obtain or
maintain the capital or grants necessary to fund our research and
development activities, our ability to retain our key employees or
maintain our Nasdaq listing, our ability to complete clinical
trials on time and achieve desired results and benefits as
expected, regulatory limitations relating to our ability to promote
or commercialize our product candidates for specific indications,
acceptance of our product candidates in the marketplace and the
successful development, marketing or sale of our products, our
ability to maintain our license agreements, the continued
maintenance and growth of our patent estate and our
ability to retain our key employees or maintain our Nasdaq
listing,. These risks should not be construed as exhaustive and
should be read together with the other cautionary statement
included in our Annual Report on Form 10-K for the year ended
December 31, 2022, subsequent Quarterly Reports on Form 10-Q and
current reports on Form 8-K filed with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the
date on which it was initially made. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, changed circumstances
or otherwise, unless required by law.
Contact:Crescendo
Communications, LLCDavid Waldman / Alexandra SchiltTel:
212-671-1020Email: ADIL@crescendo-ir.com
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