Adial Pharmaceuticals (ADIL) plans to raise $14 million in an initial public offering on Friday, January 26th, IPO Scoop reports. The company will be issuing 1,400,000 shares at a price of $9.00-$11.00 per share.
The company has a market cap of $54.7 million.
Joseph Gunnar & Co. acted as the underwriter for the IPO.
Adial Pharmaceuticals provided the following description of their company for its IPO: “We are a clinical-stage biopharmaceutical company focused on the development of a therapeutic agent for the treatment of alcohol use disorder (“AUD”) using our lead investigational new drug product, AD04, a selective serotonin-3 antagonist (i.e., a “5-HT3 antagonist”). The active ingredient in AD04 is ondansetron, which is also the active ingredient in Zofran®, an approved drug for treating nausea and emesis. AUD is characterized by an urge to consume alcohol and an inability to control the levels of consumption. We intend to commence a Phase 3 clinical trial using AD04 for the potential treatment of AUD in subjects with certain target genotypes. “.
Adial Pharmaceuticals was founded in 2010 and has 3 employees. The company is located at 1180 Seminole Trail, Suite 495, Charlottesville, VA 22901, US and can be reached via phone at (434) 422-9800 or on the web at http://www.adialpharma.com.
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