ADO-5030 / Adovate, Adial - LARVOL DELTA

Adial Pharmaceuticals Receives Milestone Payment from Adovate Following Initiation of Phase 1 Study (GlobeNewswire) - "Adial Pharmaceuticals...announced that it has received a six-figure development milestone payment from Adovate, LLC, following the commencement of a Phase 1 clinical trial evaluating Adovate’s lead compound for asthma, ADO-5030....This milestone payment follows Adovate’s exercise of its option to acquire the assets and business of Purnovate, Inc., a wholly owned subsidiary of Adial Pharmaceuticals, as previously disclosed. The ongoing Phase 1 study is a Single Ascending Dose (SAD) clinical trial designed to evaluate the safety, tolerability, and pharmacokinetics of Adovate’s novel adenosine receptor antagonist in healthy volunteers....Under the terms of the agreement with Adovate, Adial is eligible to receive more than $50 million in commercial milestone payments plus an additional $11 million in development and approval milestone payments per compound, for a total consideration of up to $83 million for the first three compounds..."

Financing • Trial status • Asthma