Adial Pharmaceuticals nasdaq Adil Stock Skyrockets on New Patent Approval

Adial Pharmaceuticals (NASDAQ: ADIL) Stock Skyrockets on New Patent Approval

Adial Pharmaceuticals (NASDAQ: ADIL) stock jumped over 85% on Wednesday following the announcement of a newly awarded patent for AD04, aimed at treating opioid use disorder.

The United States Patent and Trademark Office granted Adial Pharmaceuticals (ADIL) the patent on February 20, marking a pivotal moment for the company. This patent specifically revolves around AD04, the company’s leading investigational new drug.

Cary Claiborne, the CEO of Adial Pharmaceuticals, emphasized the importance of this patent, stating that it significantly bolsters the company’s intellectual property portfolio. He underscored the unique attributes of AD04, particularly its precision targeting mechanism.

Claiborne expressed optimism regarding AD04’s broader applications beyond opioid use disorder. He indicated that while the initial focus has been on alcohol use disorder (AUD), the company believes in the drug’s potential to address various drug dependencies, including opioid use disorder.

AD04, a genetically targeted serotonin-3 receptor antagonist currently undergoing investigation, has garnered attention for its promising outcomes. Following encouraging results from the ONWARD™ pivotal Phase 3 clinical trial for AUD treatment, particularly in patients with specific genetic profiles, researchers are now exploring AD04 for treating other addictive behaviors such as gambling and obesity.

Adial Pharmaceuticals (NASDAQ: ADIL) Stock Performance

ADIL stock shot up 85.50% to close at $1.62 on Wednesday. The traders had exchanged hands with 111,400,995 (111.40 million) shares compared to the average daily trading volume of 305.79K.