Shares of small-cap penny stock Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) shares are trading about 20.5% lower at $1.46 per share Wednesday morning. The company announced topline results for its Onward Phase 3 trial for AD04 in patients with Alcohol Use Disorder.
AD04 achieved a statistically significant mean reduction in heavy drinking days among the pre-specified group of heavy drinkers compared to placebo, with an approximately 79% reduction from baseline drinking.
Adial intends to share the results of the ONWARD trial with the relevant health authorities to discuss the appropriate next steps towards the expeditious development of AD04 and to seek product approval.
William Stilley, Chief Executive Officer of Adial, said "Alcohol Use Disorder is an unmet medical need that affects tens of millions of people each year, and, based on the strength of these ONWARD results in heavy drinking patients that have the target genetics, and the fact that AD04 demonstrated an exceptional safety profile, and was well-tolerated during the trial, we intend to advance AD04. We will work with regulatory authorities in Europe and the U.S. to achieve this goal. We also plan to explore strategic partnerships."
Adial Pharmaceuticals Inc is a clinical-stage biopharmaceutical company. The company develops prescription medications for addiction and related disorders.
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ADIL Price Action: Adial Pharmaceuticals, Inc. has traded between $5.08 and $1.04 over a 52-week period.
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