Adial Pharmaceuticals Announces Research Collaboration Agreement with the University of Virginia to Advance Next Generation Adenosine Compounds for Wound Healing
September 28 2021 - 9:49AM
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
Purnovate, a wholly owned subsidiary of Adial Pharmaceuticals, has
entered into a research agreement with Dr. Mark Roeser from the
University of Virginia School of Medicine to develop new
formulations of the Company’s proprietary adenosine compounds for
wound healing through transdermal administration (i.e., through the
skin).
Under the Agreement, Purnovate will supply
certain lead adenosine compounds and Dr. Roeser’s research team
will be responsible for evaluating these compounds for efficacy and
determination of the ideal formulations for maximum absorption with
the goal of initiating future clinical trials. The University of
Virginia will fund the pre-clinical research activities and the
parties will jointly own mutually developed intellectual
property.
Dr. Roeser is a renowned cardiac surgeon and
medical researcher from the University of Virginia School of
Medicine. Previously, Dr. Roeser studied how adenosine 2A receptor
activation can attenuate tissue damage caused when blood supply
returns to tissue after a lack of oxygen. Currently, Dr. Roeser’s
research is focused on wound healing, specifically for the
treatment of burns. Through his research, Dr. Roeser was able to
conclude that adenosine 2A receptor agonists can mitigate burn
progression through dampening of local inflammatory processes.
Dr. Roeser stated, “We are excited to commence
our collaboration with Adial to examine the potential of its
adenosine compounds as novel therapies for burn and wound
healing.”
William Stilley, Chief Executive Officer of
Adial Pharmaceuticals, commented, “Dr. Roeser’s background in wound
healing will be instrumental as we move an important step closer
toward our goal of advancing a new generation of adenosine
compounds with the appropriate selectivity and solubility for
transdermal penetration. The results of Dr Roeser’s research may
establish new IP that can serve to expand the value of our lead
compounds. We believe there is enormous market potential for a
compound that can promote wound healing, while providing the
advantage of easy transdermal administration. There are countless
applications for such a therapy and the pressure ulcer wound market
alone is expected to reach $11.2 billion by 2026, according to
Fortune Business Insights. Given my personal and long-standing
family history with the University of Virginia, where I completed
my undergraduate studies and my MBA at Darden, and where the Phase
2B study of AD04 for the treatment of Alcohol Use Disorder, Adial’s
lead drug currently being studied in our Phase 3 Onward™ trial, was
conducted, we welcome this latest collaboration. In addition to
wound healing, we are also exploring a number of similar
collaborations with premier institutions around other
indications.”
About Adial Pharmaceuticals,
Inc.
Adial Pharmaceuticals is a clinical-stage
biopharmaceutical company focused on the development of treatments
for addictions. 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. The
Company is also developing adenosine analogs for the treatment of
pain and other disorders. Additional information is available at
www.adialpharma.com.
About Purnovate, Inc.
Purnovate, Inc., a wholly owned subsidiary of
Adial Pharmaceuticals, is a pharmaceutical development and
chemistry company focused on inventing and developing selective,
potent, stable, and soluble adenosine analogs to treat diseases and
disorders such as pain, cocaine addiction, inflammation, infectious
disease, cancer, asthma, and diabetes. www.purnovate.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 potential of Purnovate’s adenosine compounds as novel
therapies for burn and wound healing, the results of the research
establishing new IP that can serve to expand the value of
Purnovate’s lead compounds, the enormous market potential for a
compound that can promote wound healing, while providing the
advantage of easy transdermal administration, the pressure ulcer
wound market alone is expected to reach $11.2 billion by 2026, 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,
our ability to achieve key milestones for our pre-clinical
adenosine program for non-opiate pain relief, including the ability
of the research being conducted by the University of Virginia to
generate results that expand the value of Purnovate’s lead
compounds, and support the potential of its adenosine compounds as
novel therapies for burn and wound healing, our ability to complete
the ONWARD™ Phase 3 trial of AD04 as a genetically targeted
treatment for Alcohol Use Disorder through data read-out as
planned, our ability to enroll patients within the timelines
anticipated and complete clinical trials on time and achieve
desired results and benefits as expected, 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 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,
LLC David
Waldman / Natalya
Rudman Tel:
212-671-1021 Email:
adil@crescendo-ir.com
Adial Pharmaceuticals (NASDAQ:ADIL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Adial Pharmaceuticals (NASDAQ:ADIL)
Historical Stock Chart
From Sep 2023 to Sep 2024