Stock Alert: Adial Pharma Gains 25% On Distribution Deal With BioLab For COVID-19 Test Kits

(RTTNews) - Shares of Adial Pharmaceuticals Inc. (ADIL) jumped over 25% on Monday morning after the clinical-stage biopharmaceutical company announced a distribution deal with BioLab Sciences for a COVID-19 antibody test kits.

ADILS is currently trading at $2.1996, up $0.4596 or 26.4138%, on the Nasdaq.

Adial Pharmaceuticals said it has entered into a distribution deal with BioLab Sciences, Inc., a regenerative biotechnology company, which manufactures and sells Rapid Result COVID-19 antibody test kits.

Under the agreement, Adial has purchased Rapid Result COVID-19 antibody test kits from BioLab for use in Adial's landmark ONWARDÔ pivotal Phase 3 clinical trial of its lead drug candidate, AD04, for the treatment of Alcohol Use Disorder.

BioLab has also granted Adial exclusive rights to sell Rapid Result COVID-19 antibody test kits to designated channel partners.