Initial Customer Order Scheduled for Immediate Delivery
Test Kits to Support Efforts in City of Phoenix, Arizona and Surrounding Communities
CHARLOTTESVILLE, VA / ACCESSWIRE / June 10, 2020 / Adial Pharmaceuticals, Inc. (NASDAQ:ADIL; ADILW) ("Adial"), a clinical-stage biopharmaceutical company focused on the development of treatments for addiction, today announced that it has received an initial firm order for the purchase of 1,000 Rapid Result COVID-19 antibody test kits. The customer intends to utilize the test kits for understanding exposure to the virus in the City of Phoenix, Arizona and surrounding communities and to advance efforts to protect the health and safety of frontline workers.
As reported on June 8, 2020, Adial and BioLab Sciences, Inc. have entered into a distribution agreement, whereby Adial has the exclusive rights to sell and distribute Rapid Result COVID-19 antibody tests to designated channel partners and customers. The U.S. Food and Drug Administration ("FDA") registered, Rapid Result COVID-19 test is a 10-minute, 'instant' point-of-care test device for the qualitative detection of lgG and lgM antibodies specific to 2019-nCoV in human whole blood, serum or plasma specimens. The Rapid Result COVID-19 antibody test detects IgG antibodies at a 98.6% accuracy and detects IgM antibodies at a 92.9% accuracy.
Adial is incorporating the use of Rapid Result COVID-19 antibody test kits in its landmark ONWARD™ pivotal Phase 3 clinical trial of its lead drug candidate, AD04, for the treatment of Alcohol Use Disorder. Adial intends to enhance the safety of trial administration with a parallel goal of increasing trial subject retention rates.
William Stilley, Chief Executive Officer of Adial Pharmaceuticals, commented, "While our initial desire to procure the Rapid Result COVID-19 antibody test kits was to ensure the safe and efficient progress of our ongoing landmark ONWARD™ pivotal Phase 3 clinical trial, we quickly realized that our access to these important antibody tests could provide significant benefits to other end users as we all strive to keep our fellow citizens and our critical frontline workers safe as we reopen our country. Our due diligence revealed a significant demand for these test kits and, through this sale, we are pleased to contribute to the health and safety of citizens of the City of Phoenix, Arizona and surrounding communities. While we remain laser focused on our core mission as the "Medicines for Addiction™" company, the demand for the Rapid Result COVID-19 antibody test kits appears robust. We believe it is our corporate obligation to make these important tests available to communities and corporations, and ultimately the people who need them, as we all make our best efforts to remain healthy and safe as we protect ourselves, our loved ones, and strive to preserve the sanctity of life."
"Adial's mission is to combat our amazing country's severe addiction problem, by recognizing that addiction is not the same for all patients and that genetics can play a role in both the onset of addiction disorders and in determining the most effective treatment," continued Mr. Stilley. "By addressing patients' unique physiology with a drug that is targeted to treat their disorder based on their genetics, we believe we can improve the quality of life for patients facing a disease where there is a lack of adequate solutions available today. We are progressing in our landmark ONWARD™ pivotal Phase 3 clinical trial of our lead drug candidate, AD04, for the treatment of Alcohol Use Disorder in patients with certain genetics, and we plan to commence additional clinical trials to address another systemic epidemic, Opioid Use Disorder. While these trials and serving those so afflicted with addiction is the great force driving us forward, our entire team is grateful for this opportunity we have to provide antibody tests as a necessary and important resource to the communities in which we live, work and raise our children."
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. www.adialpharma.com
About BioLab Sciences, Inc.
BioLab Sciences is a regenerative medicine company focused on creating new ways to regenerate the body for optimal performance. Headquartered in Scottsdale, Arizona, BioLab Sciences is expanding the human body's ability to regenerate by developing and manufacturing human cell and tissue therapies as an alternative to invasive, painful and expensive treatment protocols. Through research and innovation, BioLab Sciences is uncovering better ways to address orthopedic injuries, wound care, pain management, aesthetic medicine, respiratory ailments, cardiovascular indications, ophthalmic issues, and more. Learn more at www.biolabsciences.net.
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 Rapid Result COVID-19 antibody test kits enhancing the safety of trial administration and increasing trial subject retention rates, improving the quality of life for patients by addressing patients' unique physiology with a drug that is targeted to treat their disorder based on their genetics, plans to commence additional clinical trials to address another systemic epidemic, Opioid Use Disorder 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 enhance both safety and trial retention rates in our ONWARD™ pivotal Phase 3 clinical trial, our ability to expand the use of AD04 for use in patients with Opioid Use Disorder, gambling and obesity, the ability of AD04 therapy to perform as designed, to demonstrate safety and efficacy, as well as results that are consistent with prior results, our ability to enroll patients and complete the clinical trials on time and achieve desired results and benefits, 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, 2019, 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.
Crescendo Communications, LLC
David Waldman / Natalya Rudman
SOURCE: Adial Pharmaceutical, Inc.
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