Adial Pharmaceuticals Inc. (NASDAQ:ADIL) jumped 16% on Friday following the company’s announcement that the US FDA had given corresponding regarding its Fast Track Designation request for the AD04 drug candidate.
AD04 is an Alcohol Use Disorder treatment in adult and pediatric patients with alcoholic liver disease, selecting receptor genes and serotonin transporter polymorphisms. Although the company is developing AD04 in a pivotal third phase study for treating adults with AUD with targeted genetic, it believes AD04 has massive potential to safely and effectively treat adolescent AUD patients or those having Alcohol Liver Disease.
Recently the company announced expansion plans into genetic testing space following receipt of the Notice of Allowance regarding the use of its genetic diagnostic platform combined with AD04 for AUD treatment. In addition, the patent also covers Notice of Allowance regarding the use of the genetic diagnostic panel combined with AD04 in Opioid Use Disorder treatment.With these milestones, ADIL is a stock to watch in the coming months.
Market Reaction:
On Friday, ADIL stock moved up 16.20% at $2.94 with more than 1.95 million shares, compared to its average volume of 1 million shares. The stock had moved within a range of $2.5000 – 2.9587 after opening the trade at $2.53. Over the past 52-week, the stock has been trading within a range of $1.1400 – 4.0000.
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