Adial Pharmaceuticals Closes First $32 Million Tranche of Financing

MT Newswires Live06-16 20:44

Adial Pharmaceuticals (ADIL) said Tuesday it has closed the first $32 million tranche of its previously announced private placement of up to $64 million, including the conversion of outstanding notes assumed through its acquisition of Azora Therapeutics.

The company said the financing was led by Coastlands Capital, with participation from Kern Capital, Boxer Capital Management, Stonepine Capital Management, AuGC BioFund, as well as other institutional investors, insiders and members of management.

Adial said proceeds from the financing will support the development of its lead colon-targeted AhR program through upcoming clinical milestones and help drive long-term shareholder value.

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