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Adial Pharmaceuticals Renames to Azora Therapeutics, Ticker AZR
Adial Pharmaceuticals announced that it has changed its corporate name to Azora Therapeutics. The company's common stock is expected to commence trading on The Nasdaq Capital Market under the new ticker symbol "AZR" on October 29. On October 28, stockholders approved the conversion of the company's Series A preferred stock issued in connection with the June acquisition of Azora Therapeutics. Azora's lead asset is AT177, an oral, proprietary, colon-targeted aryl hydrocarbon receptor agonist. Azora expects to advance AT177 into a Phase 1 clinical trial in the first half of 2027. "This milestone marks a new phase of growth and value creation for Azora as we rapidly advance our oral, colon-targeted AhR agonist candidate into the clinic for ulcerative colitis. Founded on discoveries from direct patient experience, Azora is pioneering an innovative approach to restoring intestinal health for people living with ulcerative colitis. Through precise activation of the AhR pathway, AT177 targets a mechanism recognized as an important regulator of immune function and intestinal barrier integrity in inflammatory bowel disease. With the capital, team and infrastructure in place, we believe to be well positioned to advance AT177 into the clinic in 2027 with the goal of unlocking the therapeutic potential of AhR agonism," said Matt Davidson, co-founder and newly appointed president and CEO of Azora Therapeutics.
Adial Pharmaceuticals Appoints Celia Economides as CFO
Adial Pharmaceuticals announced that Celia Economides, the Company's current executive VP of finance, is expected to be appointed CFO effective promptly after the company's reconvened 2026 annual meeting of stockholders, if certain of the proposals being presented to stockholders are approved. Economides will succeed Vinay Shah.
Adial Pharmaceuticals Appoints David Rubenstein as Chief Scientist
Adial Pharmaceuticals announced the appointment of David Rubenstein as chief scientist. Rubenstein will lead the company's research and scientific strategy, including the continued development of AT177, a proprietary, oral, colon-targeted aryl hydrocarbon receptor, or AhR, agonist being developed for the treatment of ulcerative colitis, or UC. As chief scientific officer of Dermavant Sciences, he shepherded tapinarof through development, approval and commercialization, for plaque psoriasis and atopic dermatitis.
Selling Stockholders Plan to Sell 25.15M Shares of Common Stock
This filing relates to the offer and sale from time to time by the selling stockholders of up to 25.15M shares of common stock. The company is not selling any shares under this prospectus and will not receive any of the proceeds from the sale of shares by the selling stockholders.
Adial Pharmaceuticals Acquires Azora Therapeutics and Raises $64M
Adial Pharmaceuticals has acquired Azora Therapeutics, a biopharmaceutical company developing treatments for serious inflammatory diseases. The acquisition brings Azora's lead asset AT177, a proprietary colon-targeted aryl hydrocarbon receptor agonist designed to enable localized activation with limited systemic exposure, into Adial's pipeline. Concurrent with the acquisition, Adial entered into a definitive agreement for a concurrent private placement of up to $64M in gross proceeds to Adial, before deducting placement agent and other offering expenses. The private placement is composed of an initial upfront financing of approximately $32M in gross proceeds in exchange for pre-funded warrants to purchase 11,780,948 shares of Adial's common stock, representing a purchase price of $2.7489 for each pre-funded warrant sold at the initial closing and the potential for up to an additional $32 million in gross proceeds upon Phase 1 clinical study initiation in exchange for pre-funded warrants to purchase up to 11,780,948 shares of common stock and common warrants to purchase up to 11,780,948 shares of common stock at a combined purchase price of $2.7489 for each pre-funded warrant and accompanying common warrant sold at milestone closings. The financing was led by Coastlands Capital with participation from Boxer Capital Management, Stonepine Capital Management, AuGC BioFund and other biotech specialists and institutional investors along with insiders and management. The combined company expects to use the proceeds from the private placement primarily to advance Azora's AT177 lead colon-targeted AhR program through key clinical milestones, including IND-enabling studies and the Phase 1a and Phase 1b studies in ulcerative colitis
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