New US Patent Powers Adial Pharmaceuticals

DENVER, Colo., Mar 01, 2024 ( Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) announced, on Wednesday, that United States Patent and Trademark Office awarded the Company a new patent, number 11,905,562, issued on February 20, 2024, which covers the Company’s lead investigational new drug product, AD04, and its ability to target the serotonin transporter gene for the potential treatment of opioid use disorder (OUD).

Adial is trading at $2.98, up $0.94 (+46.08%), on trading volume of 10,397,989 shares. Its premarket high is $4.19 and 52-week range is $0.765 to $15.00

Although we were late and missed the first run, we covered it when it was trading at $1.98, up $1.1067 (+126.73%), on trading volume of 35,071,381 shares, and it ran to a high of $2.87, but dropped to close at $1.62, up $0.7467 (+85.50%), on trading volume of 111,321,434 shares. Yesterday it reached $2.50 and the formed a platform at $2, as it closed at $2.04, up $0.42 (+25.93%), on 28,750,956 shares. The platform was the base for today’s move.

“We are proud to be awarded another important patent that broadens our Intellectual Property portfolio and covers meaningful aspects of our lead asset, AD04, including its unique ability to target the serotonin transporter gene,” commented Cary Claiborne, CEO of Adial Pharmaceuticals. “We believe AD04 has significant potential to treat OUD and other drug dependencies in addition to our initial indication of alcohol use disorder. We remain focused on advancing AD04 toward commercialization for the treatment of alcohol use disorder and look forward to advancing OUD and other indications in the future.”

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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.

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