Adial Pharmaceuticals, which is developing a targeted therapy for alcohol use disorder based on an approved drug, lowered the proposed deal size for its upcoming IPO on Monday.
The Charlottesville, VA-based company now plans to raise $7.5 million by offering 1.5 million shares at a price of $5. The company had previously filed to raise $14 million in December by offering 1.4 million shares at a range of $9 to $11, before it officially postponed in January.
At $5 per share, Adial Pharmaceuticals would command a market cap of $32 million, down from $57 million. With a proposed market cap below $50 million, Renaissance Capital is no longer tracking Adial Pharmaceuticals in our IPO stats.
Adial Pharmaceuticals was founded in 2010 and plans to list on the Nasdaq under the symbol ADIL. Joseph Gunnar is the sole bookrunner on the deal.
