CHARLOTTESVILLE, Va., Nov. 4, 2013 (GLOBE NEWSWIRE) -- ADial Pharmaceuticals (ADial) announced today that it has entered into a strategic partnership with Cato BioVentures. Under the terms of the agreement, Cato BioVentures will invest up to $1.8 million in ADial, and Cato Research, an affiliate of Cato BioVentures, will serve as the preferred contract research organization for ADial's clinical trials of AD04, ADial's drug for the treatment of alcohol addiction in patients with selected genotypes.
"This partnership provides ADial with the expertise and world-class capabilities of the Cato team," said William Stilley, CEO of ADial. "With our collaboration initiated with Cato, the first Phase III trial of AD04 is expected to begin in the first quarter of 2014."
Allen Cato, CEO of Cato BioVentures, commented, "We are excited to enter this strategic relationship with ADial. AD04 has the potential to revolutionize the treatment of alcohol addiction and address this huge unmet medical need. Cato has 25 years of experience helping companies like ADial bring their products to market, and we look forward to a long and productive partnership."
About AD04
AD04 is being developed by ADial Pharmaceuticals as a treatment for alcohol use disorder in patients of select genotypes. AD04 is a serotonin-3 (5HT3) antagonist that is believed to interrupt the reinforcing effects of alcohol, and thus reduces the urge to drink. Such reinforcing effects are thought to be exaggerated in patients that have certain mutations of the genes that control serotonin function in the brain, and these are the patients targeted for treatment with AD04. AD04 contains an ultra-low dose of the active ingredient ondansetron, which is currently marketed as an anti-emetic for post-operative and post-chemotherapy nausea. Doses effective for treating alcohol addiction are well below those used to treat emesis. Clinical and non-clinical experience to date suggest that higher doses like those used for the treatment of emesis may have reduced efficacy for treating addiction and additional safety risks associated with their chronic use as would be required for treatment of addiction.
About ADial Pharmaceuticals, LLC
ADial Pharmaceuticals is a privately held pharmaceutical company developing medications for treating addiction diseases and disorders, including alcohol and drug addictions (cocaine, opioids, methamphetamines), as well as other addiction-like behaviors such as those related to obesity and eating disorders. The company's most advanced compound, AD04, specifically targets alcohol use disorder (previously called alcohol abuse and dependence) in patients with selected genotypes. For more information about ADial Pharmaceuticals, please visit http://www.adialpharma.com .
About Cato BioVentures and Cato Research Ltd
Cato BioVentures is the venture capital affiliate of Cato Research Ltd., a global contract research and development organization (CRO). For 25 years, Cato BioVentures and Cato Research have partnered with entrepreneurs, academic institutions, and a broad base of biotech and pharmaceutical companies to advance a robust portfolio of successful product development programs. For more information about Cato BioVentures and Cato Research Ltd, please visit http://www.catobioventures.com
William Stilley, CEO (434) 422-9800 ext. 103
