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Adial Pharmaceuticals Inc. (ADIL) stock plunged during pre-market trading. Here’s to know why?

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CGRN Stock

Adial Pharmaceuticals Inc. (NASDAQ: ADIL) stock gained by 9.06% at last close while the ADIL share price fell by 6.07% in the pre-market trading session. Adial Pharmaceuticals is a clinical-stage pharmaceutical firm dedicated on the development of treatments for addiction and associated diseases.

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What’s the update?

Adial Pharmaceuticals revealed intentions to join the genetic testing market (AUD) after receiving a Notice of Allowance from the US Patent and Trademark Office for the use of ADIL’s genetic diagnostic panel in conjunction with ADIL’s main medication, AD04, for the cure of Alcohol Use Disorder. ADIL’s usage of its genetic diagnostic panel in conjunction with AD04 for the therapy of Opioid Use Disorder is likewise protected by the patent covered by the Notice of Allowance (OUD).

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William Stilley, Chief Executive Officer of Adial Pharmaceuticals stated,

This new patent, which relates to the use of their genetic diagnostic panel in conjunction with AD04 for the cure of AUD and OUD, is a significant step forward since they think that genetic testing of patients may be utilized to target individuals who might benefit from AD04. They ‘ve been using the genetic panel covered by this patent in their ongoing ONWARD Phase 3 study, and now that the patent has been granted, they expect genetic diagnostics to be a big part of their commercial plan in the future.

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After being issued, the recently granted patent is intended to give market exclusivity for the AD04 genetic diagnostic test, potentially generating considerable revenue for ADIL. As a result, Adial plans to join the genetic testing market as a stand-alone commercial line of business, developing and marketing the genetic diagnostic panel as a Companion Diagnostic Test to AD04 for recognition of the nearly one-third (33%) of AUD patients expected to respond to treatment with AD04. If AD0 receives OUD clearance, ADIL envisions a future potential to sell a companion diagnostic test to AD04 for OUD.

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