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Adial Pharmaceuticals announced that the holder of the sole remaining, outstanding convertible note has fully converted the balance of the note into common shares of the company. As previously reported, the convertible note had a face value of $325,000 and was convertible into 162,500 shares of common stock.

Adial Pharmaceuticals announced that it has amended its license agreement with the University of Virginia Patent Foundation, d/b/a the University of Virginia Licensing & Ventures Group Pursuant to the amendment, Adial must commence its Phase 3 clinical trial of AD04 for the treatment of Alcohol Use Disorder in 2019. Adial has previously announced that it plans to begin its Phase 3 clinical trial of AD04 in the first half of 2019. The license agreement with the UVA LVG grants Adial exclusive, worldwide and perpetual rights to the intellectual property underlying and protecting AD04, including without limitation, patents issued in 44 jurisdictions that are expected to provide market exclusivity for AD04. Under the license agreement, Adial will pay a total of $1,450,000 in development and approval milestones, a royalty on sales of AD04 of up to 2% with a minimum annual royalty of $40,000, and 15% of any sub-licensing revenue received from third-party sublicensees.

Adial Pharmaceuticals announced plans to expand activities around the company's lead asset, AD04, beyond alcohol use disorder, or AUD, to now include its potential use in patients with opioid use disorder. According to the Centers for Disease control, in 2017 alone, more than 72,000 people in the U.S. died of drug overdoses, at least two-thirds of which were linked to opioids.