Adial Pharmaceuticals (ADIL) Stock Is Flying On Collaboration News

Adial Pharmaceuticals ADIL Stock News

Adial Pharmaceuticals Inc (NASDAQ: ADIL) is making a run for the top in the market this morning, and for good reason. The company announced a collaboration with Avalon GloboCare Corp. (NASDAQ: AVCO). Here’s what’s going on:

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ADIL Stock Rockets On AVCO Collaboration

As mentioned above, Adial Pharmaceuticals announced that it has entered into a collaboration with Avalon GloboCare. The collaboration surrounds the global distribution of the Assure/FaStep COVID-19 IgG/IgM Rapid Test device and the Assure/EcoStep COVID-19 IgG/IgM Rapid Test device, point of care COVID-19 antibody tests.

In the release, ADIL and AVCO said that the FaStep COVID-19 IgG/IgM Rapid Test Device is the first serology POC test for COVID-19 using fingerstick blood samples approved by the FDA. In fact, the FDA has issued an EUA for the FaStep test. The company has also received FDA EUA for the EcoStep Rapid Test Device.

According to the agreement, Adial has granted Avalon non-exclusive, sub-distribution rights worldwide for the FaStep and EcoStep antibody tests. In a statement, David Jin, M.D., Ph.D., President and CEO at AVCO, had the following to offer:

We believe there is significant market potential for these differentiated test kits, as these tests are able to detect IgG antibodies at a 98.6% accuracy and IgM antibodies at a 92.9% accuracy and provide results within 10-minutes. Our goal is to leverage our international distribution network and channel partners to bring the product to market globally.

The above statement was followed up by William Stilley, CEO at ADIL. Here’s what he had to offer:

We are pleased to enter into this strategic collaboration with Avalon. Avalon has an established global distribution network that we believe will facilitate further sales of these COVID-19 Rapid Test Devices worldwide. The rapid proliferation of COVID-19 around the world has driven demand for SARS-CoV-2 detection, and a widespread need for rapid antibody testing. We look forward to working with Avalon in order to help meet the global demand for rapid result COVID-19 serology testing.

This Is Big News

The news released by Adial Pharmaceuticals proved to be overwhelmingly positive. First and foremost, COVID-19 cases are starting to climb yet again. As a result, we can expect for demand for COVID-19 testing and antibody testing to climb.

Beyond that there are two COVID-19 tests that are about to hit the market here, both of which will drive revenue for ADIL. All in all, that’s exciting news for those who have ADIL stock in their portfolios.

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