Full Press Release Details
Adial Pharmaceuticals Announces Approval
to Commence Landmark ONWARD
Pivotal Phase 3 Trial in Poland
Achievement of Poland Approval an Important
Milestone in Advancement of Trial
Trial Progress Accelerates as Host Countries
Reopen Following COVID-19 Lockdowns
Charlottesville, VA - June 11, 2020
- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW) ("Adial"), a clinical-stage biopharmaceutical company
focused on the development of treatments for addiction, today announced that it has received all necessary approvals to commence
its landmark ONWARD pivotal Phase 3 clinical trial in Poland to investigate its lead drug candidate, AD04, as a therapeutic
agent for the treatment of Alcohol Use Disorder in persons with certain target genotypes related to the serotonin transporter and
receptor genes. This includes the receipt of approvals from both the Office for Registration of Medicinal Products, Medical Devices
and Biocidal Products and the relevant regional Polish Ethics Committees overseeing the trial.
"Poland is one of the largest countries
in Europe and we believe it is critical to the successful rapid recruitment of patients into our landmark ONWARD trial,"
stated Schuyler Vinzant, Vice President of Development of Adial Pharmaceuticals. "Regulatory review in Poland was put on
hold due to the COVID-19 pandemic. When regulatory reviews recently restarted, the speed of approval to commence the ONWARD
trial was unexpectedly fast. We are excited by the prospect of opening sites in Poland in the next few weeks."
"We are grateful the Polish authorities
determined the ONWARD pivotal Phase 3 trial justified rapid approval," commented William Stilley, Chief Executive
Officer of Adial Pharmaceuticals. "We believe this further demonstrates that regulatory authorities recognize we are targeting
an unmet medical need with a drug with the potential to be safe and effective. Today, there is no adequate treatment for Alcohol
Use Disorder, and there are strong indications that the problem has only gotten worse during COVID-19 lockdowns. It is imperative
that the world moves to bring additional treatments to those suffering with addiction. We are highly confident in our genetically-targeted
approach with AD04 and our trial is designed to achieve statistical significance against placebo using endpoints correlated to
improved quality of life and reduction in harm (e.g., less death, cancer, accidents, missed work, etc.). The approval to commence
the trial in Poland is a landmark achievement in the advancement of our trial."
About Adial Pharmaceuticals, Inc.
Adial Pharmaceuticals is a clinical-stage biopharmaceutical
company focused on the development of treatments for addictions. The Company's lead investigational new drug product, AD04,
is a genetically targeted, serotonin-3 receptor antagonist, therapeutic agent for the treatment of Alcohol Use Disorder (AUD) and
is currently being investigated in the Company's landmark ONWARD pivotal Phase 3 clinical trial for the potential
treatment of AUD in subjects with certain target genotypes, which are to be identified using the Company's proprietary companion
diagnostic genetic test. A Phase 2b clinical trial of AD04 for the treatment of AUD showed promising results in reducing frequency
of drinking, quantity of drinking and heavy drinking (all with statistical significance), and no overt safety concerns (there were
no statistically significant serious adverse events reported). AD04 is also believed to have the potential to treat other addictive
disorders such as Opioid Use Disorder, gambling, and obesity. www.adialpharma.com
About BioLab Sciences, Inc.
BioLab Sciences is a regenerative medicine
company focused on creating new ways to regenerate the body for optimal performance. Headquartered in Scottsdale, Arizona, BioLab
Sciences is expanding the human body's ability to regenerate by developing and manufacturing human cell and tissue therapies
as an alternative to invasive, painful and expensive treatment protocols. Through research and innovation, BioLab Sciences is uncovering
better ways to address orthopedic injuries, wound care, pain management, aesthetic medicine, respiratory ailments, cardiovascular
indications, ophthalmic issues, and more. Learn more at www.biolabsciences.net.
Forward Looking Statements
This communication contains certain "forward-looking
statements" within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived
utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially different from any future results, performance or achievements expressed
or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes,"
"expects," "anticipates," "intends," "projects," "estimates," "plans"
and similar expressions or future or conditional verbs such as "will," "should," "would," "may"
and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements
include the foregoing. The forward-looking statements include statements regarding Poland being critical to the successful
rapid recruitment of patients into our landmark ONWARD trial, the prospect of opening sites in Poland in the next few weeks,
the regulatory authorities recognizing we are targeting an unmet medical need with a drug with the potential to be safe and effective
and the potential of AD04 to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. Any forward-looking
statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others,
our ability to open sites in Poland in the next one to two weeks, our ability to expand the use of AD04 for use in patients with
Opioid Use Disorder, gambling and obesity, the ability of AD04 therapy to perform as designed, to demonstrate safety
and efficacy, as well as results that are consistent with prior results, our ability to enroll patients and complete the clinical
trials on time and achieve desired results and benefits, our ability to obtain regulatory approvals for commercialization of product
candidates or to comply with ongoing regulatory requirements, regulatory limitations relating to our ability to promote or commercialize
our product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development,
marketing or sale of products, our ability to maintain our license agreements, the continued maintenance and growth of our patent
estate, our ability to establish and maintain collaborations, our ability to obtain or maintain the capital or grants necessary
to fund its research and development activities, and our ability to retain our key employees or maintain our Nasdaq listing. These
risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual
Report on Form 10-K for the year ended December 31, 2019, subsequent Quarterly Reports on Form 10-Q and current reports on Form
8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was
initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise, unless required by law.
Crescendo Communications, LLC
David Waldman / Natalya Rudman
Email: dwaldman@crescendo-ir.com