BOCA RATON, Fla., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Dawson James Securities, Inc. announced the closing on July 31st of the initial public offering for Adial Pharmaceuticals, Inc. (NASDAQ: ADIL and ADILW) for gross proceeds of $7.32 million, prior to deducting underwriting discounts and commissions and offering expenses.
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.
Dawson James acted as a co-manager for the offering alongside of Joseph Gunnar & Co., LLC.
The shares described above were offered by Adial Pharmaceuticals, Inc. pursuant to a registration statement previously filed with, and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A final prospectus supplement relating to the offering was filed with the SEC and is available, along with the accompanying base prospectus, on the SEC's website at http://www.sec.gov, or by contacting Dawson James: 1 N. Federal Hwy; Suite 500, Boca Raton, FL 33432 ATTN: Prospectus Department.
About Adial Pharmaceuticals, Inc.
Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of a therapeutic agent for the treatment of alcohol use disorder (“AUD”) using our lead investigational new drug product, AD04. A Phase 2b University of Virginia investigator sponsored clinical trial of AD04 for the treatment of AUD showed promising results and no overt safety concerns (there were no statistically significant serious adverse events reported). The Company plans to commence a Phase 3 clinical trial using AD04 for the potential treatment of AUD in subjects with certain target genotypes.
About Dawson James Securities
Dawson James Securities specializes in capital raising for small and microcap public and private growth companies primarily in the Life Science/Health Care, Technology and Consumer sectors and is a full service investment banking firm with research, institutional and retail sales, and execution trading and corporate services. Headquartered in Boca Raton, FL, Dawson James is privately held with offices in New York, Maryland and New Jersey. www.dawsonjames.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A Of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes”, “expects”, “anticipates” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements.
Member FINRA/SIPC. For more information, please contact:
Elise Stern, Managing Director, Head of Capital Markets