Adial Pharmaceuticals, Inc. ADIL shares are trading higher Wednesday after the company announced that it was awarded a new patent covering AD04 for the potential treatment of opioid use disorder.
The Details:
Adial Pharmaceuticals said the patent was awarded by the United States Patent and Trademark Office on Feb. 20 and covers the company's lead investigational new drug product, AD04, and its ability to target the serotonin transporter gene for the potential treatment of opioid use disorder.
Benzinga broke the news first Wednesday morning with an exclusive report before the opening bell.
“We are proud to be awarded another important patent that broadens our Intellectual Property portfolio and covers meaningful aspects of our lead asset, AD04, including its unique ability to target the serotonin transporter gene,” commented Cary Claiborne, CEO of Adial Pharmaceuticals.
“We believe AD04 has significant potential to treat OUD and other drug dependencies in addition to our initial indication of alcohol use disorder. We remain focused on advancing AD04 toward commercialization for the treatment of alcohol use disorder and look forward to advancing OUD and other indications in the future,” Claiborne added.
Adial shares are blasting higher following the news with more than 101 million shares already traded in the session. According to data from Benzinga Pro, Adial's 100-day average volume is 301,152 shares.
Related News: Biotech Stocks Surge To Start 2024: ‘Charts Look Great,’ But Will The Trend Continue?
ADIL Price Action: According to Benzinga Pro, Adial Pharmaceuticals shares are up 117.5% at $1.89 at the time of publication.
Image: Michal Jarmoluk from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
