Adial Grants Over 550K Equity Awards and Raises $32M PIPE Funding
ADIL•Adial Pharmaceuticals granted Matthew Davidson 424,446 restricted stock units and options for 424,447 shares and Julie Saiki 132,802 restricted units and options for 132,802 shares vesting over three years. It closed a $32 million first tranche of its $64 million PIPE financing to fund its lead AT177 colon-targeted program.
1. Leadership Inducement Awards
Adial Pharmaceuticals granted new chief development officer Matthew Davidson 424,446 restricted stock units and options for 424,447 shares and executive vice president of strategy Julie Saiki 132,802 restricted units and options for 132,802 shares. These awards carry a $2.98 per share strike price, ten-year term and vest pro rata over three years with milestone-based catch-up tied to the issuance of Milestone Warrants.
2. Closing of PIPE Financing
On June 12 Adial closed the first $32 million tranche of its up to $64 million PIPE financing, including conversion of outstanding notes assumed in the Azora acquisition. The round was led by Coastlands Capital with participation from Kern Capital, Boxer Capital Management, Stonepine Capital Management, AuGC BioFund and other biotech investors, and will fund the lead AT177 colon-targeted AhR program for ulcerative colitis.
