Adial Pharmaceuticals, which is developing a targeted therapy for alcohol use disorder based on an approved drug, raised $7.3 million by offering 1.46 million units at $5 per unit. The company had been on file to offer 1.5 million units at $5. Units consist of one share of common stock and one warrant exercisable at $6.25 per share. At IPO, Adial commands a market value of $32 million.
Adial Pharmaceuticals plans to list on the Nasdaq under the symbol ADIL. Joseph Gunnar acted as a lead manager on the deal.
Note: Because Adial Pharmaceuticals' IPO market cap is below $50 million, Renaissance Capital does not include it in IPO stats, nor does it appear on the recently priced IPOs page.
