Detroit, Dec 21th, 2018, (PENNYSTOCKS.NEWS), a clinical-stage biopharmaceutical company, Adial pharmaceuticals, Inc (NASDAQ: ADIL; ADILW), concentrated on the development of medicines. Today, declared that the company had modified its license agreement with the University of Virginia Patent Foundation, d/b/the University of Virginia Licensing and Ventures Group (UVA LVG). Consistent to the changing, Adial should start it is phase 3 clinical trial of AD04 for treatment of Alcohol Use Disorder (AUD) in 2019. Previously, Adial declared that it aims to begin its Phase 3 clinical trial of AD04 in 2019.
The University of Virginia Licensing and Ventures Group partners with the entrepreneurs, faculty, and the investors to bring the innovations discovered at the University of Virginia into the marketplace. When the chairman of Adial, Dr. Bankole A. Johnson was a Chairman of the Department of Psychiatry and Neurobehavioral Sciences of the University of Virginia, internationally granted for his addiction research. For the treatment of AUD, he showed promising results in decreasing the frequency of quantity of drinking, drinking, and the heavy drinking with the statistical significance. There were no visible safety concerns with a trial. There were no notable adverse events reported.
The License agreement with UVA LVG grants Adial worldwide, exclusive and perpetual rights to intellectual property protection and underlying AD04 including without the limitations, patents created problems in 44 jurisdictions which are hoped to provide the market exclusively for AD04. Adial, under the license agreement, will pay the total of 1,450,000 dollars in the approval milestones and development (175,000 dollars in the development milestones, $1,000,000 upon approval for the sale of AD04 in the U.S., Europe or Japan, and, $275,000 upon acceptance by the FDA of a new drug application). Royalty on the sales of AD04 up to 2 percent with the minimum annual fee of 40,000 dollars and 15% of sublicensing revenue collected from the third party sublicenses.
CEO of Adial Pharmaceuticals, William Stilley commented:
“We appreciate the continued support of the University of Virginia Licensing & Ventures Group, which is part of a premier university and technology innovation center,”
He also said:
“This latest amendment follows a series of important milestones leading up to the formal launch of our Phase 3 trial, including the selection of a leading contract research organization (CRO), an appointment of renowned Professor Alho as Principal Investigator, and the launch of our Scientific Advisory Board.”
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