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ADIAL PHARMACEUTICALS ANNOUNCES CLOSING OF $10 MILLION FINANCING

CHARLOTTESVILLE, Va., (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 announced the closing of its previously announced registered direct offering, whereby a single accredited institutional investor purchased approximately $10 million of the Company’s common stock and pre-funded warrants, as well as warrants to purchase common stock in a concurrent private placement. The combined effective purchase price for one share of common stock (or pre-funded warrant in lieu thereof) and a warrant to purchase 0.95 shares of common stock was $2.40.

Under the terms of the securities purchase agreement, Adial sold 2,322,250 shares of common stock and pre-funded warrants to purchase up to1,865,000 shares of common stock. Adial also issued warrants to purchase up to an aggregate of 3,977,888 shares of common stock. The warrants are exercisable six months from the date of issuance, expire five and a half years from the date of issuance, and have an exercise price of $2.52 per share of common stock.

The net proceeds of the offering strengthen Adial’s balance sheet as it moves toward completion of the Company’s Phase 3 ONWARD™ trial and are intended primarily for working capital and other general corporate purposes. This capital is expected to support potential regulatory and commercialization activities related to AD04, pursuing strategic initiatives, and advancing preclinical and clinical activities related to the Company’s Purnovate adenosine platform, among other purposes.

The shares of common stock and pre-funded warrants were sold pursuant to a shelf registration statement on Form S-3 (File No. 333-237793) previously filed and declared effective by the Securities and Exchange Commission (SEC) and with Maxim Group LLC acting as the sole placement agent for the offering. The offering was made by means of a prospectus supplement that forms a part of the registration statement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the shares of common stock and pre-funded warrants was filed by Adial with the SEC on February 14, 2022. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.

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