Press Release

CHARLOTTESVILLE, Va., Oct. 18, 2023 — Adial Pharmaceuticals, Inc. (NASDAQ: ADIL ) (“Adial” or the “Company”), a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, today announced that it has been awarded the 2023 Best Practices Technology Innovation Leadership Award in the North American precision medicine for addiction disorders industry by Frost & Sullivan, an American business consulting firm that offers market research and analysis, growth strategy consulting, and corporate training.

Frost & Sullivan’s Technology Innovation Leadership Award recognizes the company that has introduced the best underlying technology for achieving remarkable product and customer success while driving future business value. The complete award report is available at www.frost.com/Adial-Pharmaceuticals.

“We are proud to be recognized by Frost & Sullivan and to win their Technology Innovation Leadership Award,” commented Cary Claiborne, Chief Executive Officer of Adial. “We believe this acknowledgment further validates our progress and innovative approach to treating Alcohol Use Disorder. Specifically, by combining our genetic test with our lead drug candidate, AD04, we believe we can better serve patients suffering from AUD as we can potentially reduce heavy drinking days as well as allow abstinence if desired. We’d like to thank the Frost & Sullivan team for this recognition.”

In the report, Lonita Lawrence Lobo, Senior Research Analyst at Frost & Sullivan, stated, “The drug has been confirmed to be effective in a subgroup of patients who test positive for the genetic test, providing hope for patients who are undiagnosed and untreated because of a lack of confidence in such treatment efforts. The therapy, therefore, is innovative, unique, and effective in treating addiction disorders and thus provides Adial Pharmaceuticals with a competitive edge in the market.”

About Frost & Sullivan

Frost & Sullivan is the Growth Pipeline Company™. The Company powers their clients to a future shaped by growth. The Company’s Growth Pipeline as a Service™ provides the CEO and the CEO’s growth team with a continuous and rigorous platform of growth opportunities, ensuring long-term success. To achieve positive outcomes, their team leverages over 60 years of experience, coaching organizations of all types and sizes across 6 continents with their proven best practices. To power your Growth Pipeline future, visit Frost & Sullivan at http://www.frost.com.

About Adial Pharmaceuticals, Inc.
Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of treatments for addictions and related disorders. The Company’s lead investigational new drug product, AD04, is a genetically targeted, serotonin-3 receptor antagonist, therapeutic agent for the treatment of Alcohol Use Disorder (AUD) in heavy drinking patients and was recently investigated in the Company’s ONWARD™ pivotal Phase 3 clinical trial for the potential treatment of AUD in subjects with certain target genotypes (estimated to be approximately one-third of the AUD population) identified using the Company’s companion diagnostic genetic test. ONWARD showed promising results in reducing drinking in heavy drinking patients, and no overt safety or tolerability concerns. AD04 is also believed to have the potential to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. Additional information is available at www.adial.com.

Forward Looking Statements

This communication contains certain “forward-looking statements” within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding the Frost & Sullivan’s Technology Innovation Leadership Award further validating Adial’s progress and innovative approach to treating Alcohol Use Disorder, AD04 providing hope for patients who are undiagnosed and untreated because of a lack of confidence in treatment efforts, the therapy providing Adial with a competitive edge in the market and the potential of AD04 to treat other addictive disorders such as opioid use disorder, gambling, and obesity. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, our ability to pursue our regulatory strategy, our ability to advance ongoing partnering discussions, our ability to execute on our business strategy and bring AD04 to large markets in the most cost-effective and timely manner, our ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, our ability to develop strategic partnership opportunities and maintain collaborations, our ability to obtain or maintain the capital or grants necessary to fund our research and development activities, our ability to retain our key employees or maintain our Nasdaq listing, our ability to complete clinical trials on time and achieve desired results and benefits as expected, regulatory limitations relating to our ability to promote or commercialize our product candidates for specific indications, acceptance of our product candidates in the marketplace and the successful development, marketing or sale of our products, our ability to maintain our license agreements and the continued maintenance and growth of our patent estate. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2022, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Contact:

Crescendo Communications, LLC
David Waldman / Alexandra Schilt
Tel: 212-671-1020
Email: adil@crescendo-ir.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c016f2c-0abc-4d9c-b0e6-a07942b7b8db.