Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) has signed a stock purchase agreement with Keystone Capital Partners. Keystone has a deep knowledge of ADIL business and is an ideal partner for the company. As per the agreement, Adial Pharmaceuticals will have the right to sell up to $15 million of common stock to Keystone Capital Partners.
Adial Pharmaceuticals believed that this agreement will bring more investment opportunities. This contract will help the company meeting the financial needs in the future. ADIL has nearly $7 million of cash on hand and these collaborations provide an opportunity to acquire the benefits of future growth initiatives.