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Adial Pharmaceuticals Closes Initial Public Offering

Tuesday, July 31, 2018  
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Adial Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on the development of a therapeutic agent for the treatment of alcohol use disorder, announced the closing of its initial public offering of units for gross proceeds of $7.32 million, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.

The offering was comprised of 1,464,000 units, priced at a public offering price of $5.00 per unit, with each unit consisting of one share of common stock and a five-year warrant to purchase one share of common stock at an exercise price of $6.25 per share. The shares of common stock and warrants comprising the units were transferable immediately upon issuance. Adial Pharmaceuticals, Inc. granted the underwriters a 45-day option to purchase at the initial public offering price up to an additional 219,600 shares of common stock and/or warrants to purchase up to 219,600 shares of common stock. As of July 30, 2018, the underwriters had purchased 170,652 warrants pursuant to their over-allotment option.

Joseph Gunnar & Co., acted as sole book-running manager for the offering and Dawson James acted as a co-manager for the offering.

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