Adial receives $450K upfront, 19.9% stake in Adovate, and up to $83M milestones for Purnovate sale

ADIAL PHARMACEUTICALS, INC.

Adovate exercised irrevocable option to acquire Purnovate assets effective May 16, 2023.
Adial received $450,000 non-refundable fee and will be reimbursed ~$0.9M for prior Purnovate expenses.
Eligible for up to $33M development/approval milestones (first three compounds) plus $50M commercial milestones.
Adial receives 19.9% equity in Adovate and ongoing low single-digit royalties on net sales.
William Stilley (former CEO) departs active management; will remain on Adial board and lead Adovate.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ADIAL PHARMACEUTICALS, INC. entered into Option Exercise Agreement with Adovate, LLC valued at $450,000 (effective 2023-05-08).

Action: entry
Agreement: asset purchase
Counterparty: Adovate, LLC
Value: $450,000
Effective: 2023-05-08

Exact text from the filing

In connection with exercise of the Option, Adial Pharmaceuticals, Inc. (the “Company”) received from Adovate a non-refundable option exercise fee and upfront payment of $450,000 and entered into an option exercise agreement with Adovate (the “Option Exercise Agreement”)

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ADIAL PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-038128

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