Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW)
(“Adial” or the “Company”), a clinical-stage biopharmaceutical
company focused on developing therapies for the treatment and
prevention of addiction and related disorders, today announced that
it has been added to the Russell Microcap® Index. Adial’s addition
to the Russell Microcap Index follows the annual Russell indexes
reconstitution according to a final list of additions posted on
June 25, 2021. Adial’s membership in the Russell Microcap®
Index is effective at Nasdaq market open, today, June 28, 2021.
Membership in the Russell Microcap® Index, which
remains in place for one year, provides Adial automatic inclusion
in Russell’s appropriate growth and value style indexes. FTSE
Russell determines membership for its Russell Indexes primarily by
objective, market-capitalization rankings and style attributes.
William Stilley, Chief Executive Officer of
Adial, commented, “We are pleased to join the Russell Microcap®
Index. We believe this addition reflects the progress we are making
to increase shareholder value by advancing our lead investigational
new drug product, AD04, through our ONWARD™ Phase 3 trial for the
treatment of alcohol use disorder and due to our acquisition of
Purnovate and its adenosine drug development platform. Adial’s
inclusion in the index may help improve awareness, liquidity, and
exposure within the global community of institutional
investors.”
The yearly “Russell Reconstitution” is a highly
anticipated market event since Russell Indexes are widely used
by investment managers and institutional investors for index funds
and as benchmarks for active investment strategies. Approximately
$10.6 trillion in assets are benchmarked against Russell’s US
indexes. Russell Indexes are part of FTSE Russell, a leading global
index provider. For more information on the Russell
Microcap® Index and the Russell indexes reconstitution, go to
the “Russell Reconstitution” section on the FTSE Russell
website.
About Adial Pharmaceuticals,
Inc.
Adial Pharmaceuticals is a clinical-stage
biopharmaceutical company focused on developing therapies for the
treatment and prevention of addiction and related disorders. The
Company’s lead investigational new drug product, AD04, is a
genetically targeted, serotonin-3 receptor antagonist, therapeutic
agent for the treatment of Alcohol Use Disorder (AUD) and is
currently being investigated in the Company’s landmark ONWARD™
pivotal Phase 3 clinical trial for the potential treatment of AUD
in subjects with certain target genotypes, which are to be
identified using the Company’s proprietary companion diagnostic
genetic test. A Phase 2b clinical trial of AD04 for the treatment
of AUD showed promising results in reducing frequency of drinking,
quantity of drinking and heavy drinking (all with statistical
significance), and no overt safety concerns (there were no
statistically significant serious adverse events reported). AD04 is
also believed to have the potential to treat other addictive
disorders such as Opioid Use Disorder, gambling, and obesity, and
the Company develops adenosine analogs for the treatment of pain
and other disorders. Additional information is available at
www.adialpharma.com.
About the Landmark ONWARD™ Pivotal Phase
3 Clinical Trial
The ONWARD trial is a 24-week, multicenter,
randomized, double-blind, placebo-controlled, parallel group, Phase
3 clinical study to evaluate the efficacy, safety and tolerability
of AD04 in patients with Alcohol Use Disorder (AUD) and selected
polymorphisms in the serotonin transporter and receptor genes.
Patients are genetically screened prior to enrollment in the ONWARD
trial so that only genetically positive patients are enrolled. The
primary endpoint for analysis of efficacy is the change from
baseline in the monthly number of heavy drinking days during the
last 8 weeks of the 24-week treatment period. ONWARD is currently
being conducted in 25 clinical sites in seven countries in
Scandinavia and Central and Eastern Europe (Sweden, Finland,
Poland, Latvia, Estonia, Bulgaria and Croatia). The principal
investigator is Professor Hannu E.R. Alho, Emeritus Professor of
Addiction Medicine at the University of Helsinki.
About FTSE Russell
FTSE Russell is a global index leader that
provides innovative benchmarking, analytics and data solutions for
investors worldwide. FTSE Russell calculates thousands of indexes
that measure and benchmark markets and asset classes in more than
70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are
used extensively by institutional and retail investors globally.
Approximately $17.9 trillion is currently benchmarked to FTSE
Russell indexes. For over 30 years, leading asset owners, asset
managers, ETF providers and investment banks have chosen FTSE
Russell indexes to benchmark their investment performance and
create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE
Russell index design and management: a transparent rules-based
methodology is informed by independent committees of leading market
participants. FTSE Russell is focused on applying the highest
industry standards in index design and governance and embraces the
IOSCO Principles. FTSE Russell is also focused on index innovation
and customer partnerships as it seeks to enhance the breadth, depth
and reach of its offering.
FTSE Russell is wholly owned by London Stock
Exchange Group.
For more information, visit
www.ftserussell.com.
Forward Looking Statements
This communication contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws. Such statements are based upon various facts and
derived utilizing numerous important assumptions and are subject to
known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words
"believes," "expects," "anticipates," "intends," "projects,"
"estimates," "plans" and similar expressions or future or
conditional verbs such as "will," "should," "would," "may" and
"could" are generally forward-looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. The forward-looking statements include statements
regarding the inclusion in the Russell Microcap Index reflecting
the progress we are making to increase shareholder value by
advancing our lead investigational new drug product, AD04, through
our ONWARD™ Phase 3 trial for the treatment of alcohol use
disorder, the inclusion in the Russell Microcap Index helping
improve awareness, liquidity, and exposure within the global
community of institutional investors and the potential of AD04 to
treat other addictive disorders such as opioid use disorder,
gambling, and obesity. Any forward-looking statements included
herein reflect our current views, and they involve certain risks
and uncertainties, including, among others, impact of the inclusion
in the Russell Microcap Index, our ability to enroll patients
within the timelines anticipated and complete clinical trials on
time and achieve desired results and benefits as expected, the
ability of AD04 to treat other addictive disorders such as opioid
use disorder, gambling, and obesity, our ability to obtain
regulatory approvals for commercialization of product candidates or
to comply with ongoing regulatory requirements, regulatory
limitations relating to our ability to promote or commercialize our
product candidates for specific indications, acceptance of its
product candidates in the marketplace and the successful
development, marketing or sale of products, our ability to leverage
the acquisition of Purnovate and our other expansion plans, our
ability to maintain our license agreements, the continued
maintenance and growth of our patent estate, our ability to
establish and maintain collaborations, our ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities, and our ability to retain our key employees
or maintain our Nasdaq listing. These risks should not be construed
as exhaustive and should be read together with the other cautionary
statement included in our Annual Report on Form 10-K for the year
ended December 31, 2020, subsequent Quarterly Reports on Form 10-Q
and current reports on Form 8-K filed with the Securities and
Exchange Commission. Any forward-looking statement speaks only as
of the date on which it was initially made. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise, unless required by law.
Contact:Crescendo Communications, LLCDavid
Waldman / Natalya RudmanTel: 212-671-1021Email:
adil@crescendo-ir.com
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