Adovate Completes Key Obligations Related to Acquisition of Its Adenosine Drug Development Platform
Security interest and anti-dilution encumbrances related to the assets are satisfied and retired.
Charlottesville, VA – February 1, 2024 – Adovate, LLC (“Adovate” or the “Company”), a pharmaceutical company developing novel drugs targeting adenosine receptors involved in major diseases, today provided a business update related to its acquisition of its adenosine drug development platform and related assets (the “Adenosine Platform”) from Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; “Adial”) under that certain Final Acquisition Agreement between Adovate and Adial effective June 30, 2024 (the “FAA”).
Adovate has made the final acquisition payment due under the FAA and raised the requisite funding to retire Adial’s anti-dilution protection. As a result, Adial’s security interest in the Adenosine Platform has been canceled so that no security interest encumbers any of the Company assets, and any and all of Adial’s anti-dilution protection has expired and is of no further effect.
About Adovate
Adovate is a biopharmaceutical company focused on inventing and developing best-in-class drug candidates targeting the adenosine receptors.
Forward-Looking Statements
This communication contains forward-looking statements about Adovate’s financial and operating performance, business plans and prospects, in-line products and products in development that involve substantial risks and uncertainties. Actual results could differ materially from the expectations and projections set forth in those statements. Such risks and uncertainties include, among other things, the uncertainties inherent in pharmaceutical research and development; decisions by regulatory authorities regarding whether and when to approve drug applications and supplemental drug applications as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of Adovate products; competitive developments; the ability to successfully market both new and existing products; challenges to the validity and enforcement of Adovate’s patents; trends toward managed care and health care cost containment; governmental laws and regulations affecting health care, including without limitation regarding pharmaceutical product access, pricing and reimbursement; and general economic conditions, such as interest rate and foreign currency exchange rate fluctuations. Adovate assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.
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