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Why Adial Pharmaceuticals Inc. (ADIL) stock rallied in the after-hours on Monday?

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Adial Pharmaceuticals Inc. (ADIL) shares jumped 24.04% in after-hours on Monday, June 21, 2021, and closed the day at $3.56 per share. Earlier, ADIL’s stock lost 1.71% in Monday’s morning session and closed at $2.87 per share. ADIL shares have risen 95.24% over the last 12 months, and they have moved up 2.87% in the past week. Over the past three months, the stock has gained 14.34%, while over the past six months, it has plummeted 52.66%.

Private placement of common stock

On June 03, 2021, Adial Pharmaceuticals, Inc completed the $2,100,000 private placement of 700,001 shares of common stock at $3.00 per share. Keystone Capital Partners, LLC, a company controlled by a member of management, and Bespoke Growth Partners, Inc. took part in the private placement.

Exercise of Warrants

On February 26, 2021, Adial Pharmaceuticals, Inc. announced the exercise of 712,500 warrants from its June 2020 financing for net proceeds to the company of $1,425,000.

50% Enrollment achieved in ONWARD™ Phase 3 Trial

On February 25, 2021, Adial Pharmaceuticals, Inc reached 50% enrollment in the Company’s landmark ONWARD™ pivotal Phase 3 clinical trial.

ONWARD is investigating the efficacy and safety of Adial’s lead drug candidate, the aim of AD04 is to treat people with certain target genotypes associated with serotonin transporters and receptor genes who have alcohol use disorder (AUD).

Fast Track Application for AD04 with the FDA

On February 23, 2021, Adial Pharmaceuticals, Inc announced that it will be filing a fast track application with the U.S. Food and Drug Administration (FDA) for its lead drug candidate, AD04.

Completing the acquisition of Purnovate

On January 26, 2021, Adial Pharmaceuticals closed the acquisition of Purnovate, LLC.

Purnovate has explored the application of adenosine analogs and other chemical compounds referred to as purines, which are found throughout the body, including in DNA and RNA, to address other disease states.

3rd U.S patent for the use of AD04 for the treatment of (OUD)

On January 11, 2021, Adial Pharmaceuticals, Inc received its third U.S. patent relating to the use of AD04 for the treatment of opioid use disorder (OUD). The patent covers the use of the Company’s lead product, AD04, as a treatment of Opioid Use Disorder in patients with a specific genetic biomarker in the serotonin transporter gene.

Conclusion

Well, as of this writing there is no recent news or development which could justify its surge in the after-markets on Monday. We hope that ADIL will continue its positive momentum on Tuesday as well.

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