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Adamis Pharmaceuticals Corporation Message Board

  • intheend1012000 intheend1012000 Jul 1, 2013 6:04 PM Flag

    Private Placement announced

    SAN DIEGO, CA--(Marketwired - Jul 1, 2013) - Adamis Pharmaceuticals Corporation (OTCQB: ADMP) announced today that it has completed a private placement financing transaction pursuant to which it issued senior secured convertible promissory notes and warrants to purchase up to 13,004,316 shares of common stock, to a small number of institutional investors and received gross cash proceeds of $5,300,000. The notes have an aggregate principal amount of $6,502,158, which includes $613,271 from the exchange of a previously outstanding convertible note.

    Net proceeds from this financing will be used to help fund the continued operations of the company, advance some of the company's product candidates, and enable any potential future acquisition of products, assets or technologies to bolster the company's pipeline.

    "We believe this offering will be beneficial to our shareholders as we strengthen our balance sheet and continue to move closer to achieving the goals described in my May 3, 2013 letter to shareholders," said Dr. Dennis J. Carlo, CEO and President of Adamis.

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