Adial Pharmaceuticals Inc (ADIL)

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"We decided to enter into this agreement with Keystone as we believe they have a strong fundamental understanding our business, and are an ideal strategic partner to support any financial needs that may arise," said William Stilley, CEO of Adial Pharmaceuticals. "We have no immediate plans to raise capital, with over $7 million of cash on hand as of September 30, 2020; however, this transaction provides additional flexibility and capability to take advantage of strategic opportunities and future growth initiatives when they may arise."

"We are pleased to enter into this relationship with Adial," said Fred Zaino, Managing Partner and Chief Investment Officer of Keystone. "After evaluating Adial, its clinical pipeline, and its management team, and after thorough due diligence, we believe Adial represents a promising investment opportunity. Formation of this partnership memorializes our intention to build a long-term relationship with Adial, committing capital as necessary as the Company builds its business in the growing space of addiction that is currently woefully underserved."