ADIL

• Adial Pharmaceuticals is a clinical-stage biopharmaceutical company developing treatments for addictions
• ADIL’s lead asset (AD04) is in Phase 3 of development as a therapy for Alcohol Use Disorder (AUD)
  • The company is targeting individuals with AUD and a certain genetic makeup conducive for the treatment

• Data from a Phase 2b study of AD04 showed promising results in reducing frequency and quantity of drinking and heavy drinking with no overt safety concerns.
  • Last year the European Medicines Agency (EMA) accepted ADIL’s Pediatric Investigation Plan for AD04 in pediatric patients with AUD (ages 12 to 17)
• On 12/10/20 ADIL announced definitive plans to acquire Purnovate, LLC in a cash and stock-transaction
  • Purnovate is a clinical-stage pharma company developing non-opioid drugs for pain relief and therapies for addiction 

• On 2/25/21 the company informed investors that the study reached 50% enrolled and 66% of planned patients screening visits completed
• 5/18/21 highlighted on multiple broadcasts as the nation begins to look at impacts of the pandemic through alcohol use
• 6/28/21 joined the Russell microcap index
• 6/06/21 Phase 3 onward trial met its screening target and is nearing enrollment completion
• 6/24/21 shares declined after news that the FDA would like to see further maturity of AD04 before awarding Fast Track Designation
• After completing a $2.1 million private placement at $3 in March, on 7/07/21 the company announced a $5 million above the market private placement at $3 per share
• 7/14/21 highlighted positive pre clinical results from its Adenosine pain platform, noting that the data supports further testing for pain reduction as a possible alternative to opioids

Highlights from Earnings Q1 2021 (5/17/21)

• $5.6 million cash and equivalents which the company expects to be sufficient to fund operations into the fourth quarter of 2021

• Projects completion of Phase 3 clinical trial near in the first quarter of 2022
• Top-line data from this 24-week study is expected in 4Q21

• With cash through the end of the year and trials beginning to progress once again, ADIL appears to present an opportunity with recent private placements at $3 per share