Financing · GlobeNewswire

Adial closes first $32M tranche of $64M PIPE financing

ADILAzora Therapeutics, Inc. (DE)

Adial Pharmaceuticals closed the first $32 million tranche (including conversion of outstanding notes) of its previously announced up to $64 million private placement on June 12, 2026. The financing was led by Coastlands Capital with participation from Kern Capital and others. Additionally, the company granted restricted stock units and stock options as inducement awards to newly appointed Chief Development Officer Matthew Davidson and Executive Vice President of Strategy Julie Saiki in connection with its business combination with Azora Therapeutics. Adial Pharmaceuticals is a biopharmaceutical company developing treatments for addiction and inflammatory bowel disease.