Adial Pharmaceuticals Reports Third Quarter 2022 Financial Results and Provides Business Update

Advancing submission of AD04 ONWARD™ phase 3 results to regulatory agencies Actively exploring potential partnership opportunities for AD04 and Purnovate compounds

Promoted Cary Claiborne to President and Chief Executive Officer

CHARLOTTESVILLE, Va., Nov. 14, 2022 (GLOBE NEWSWIRE) -- 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 provided a business update and reported its financial results for the third quarter of 2022.

Cary Claiborne, President and Chief Executive Officer of Adial, stated, “We are in the process of finalizing our regulatory strategy and are working aggressively to prepare submission of our ONWARD™ trial results to the appropriate regulatory authorities. Based on the encouraging Phase 3 data and positive feedback from both key opinion leaders, as well as our regulatory and scientific advisors, we remain highly encouraged by the outlook for AD04 and the potential for commercialization in both Europe and North America. We remain committed to our goal of bringing AD04 to market, as we believe it will provide a new option for the millions of people around the world suffering from Alcohol Use Disorder (AUD). Additionally, we submitted the ONWARD™ data to a major medical journal and are hopeful the results will be published in the near-term. Furthermore, we are in active discussions with potential partners for both AD04 and Purnovate. Overall, we have made significant strides during the third quarter and look forward to providing further updates as developments unfold.”