SAN DIEGO, CA--(Marketwired - Nov 20, 2013) - Adamis Pharmaceuticals Corporation (
Adamis intends to use approximately $7 million of the net proceeds from the offering to make the final payment to 3M Company to acquire the assets relating to the Taper dry powder inhaler technology, pursuant to an agreement between the company and 3M entered into earlier this year. Approximately $7.5 million of the net proceeds are also expected to be used to pay in full all amounts owed under the company's secured convertible promissory notes that were issued in a private placement financing transaction in June 2013. Remaining net proceeds are expected to be used to fund the filing and launch of the Epinephrine PFS product candidate, fund clinical trials, and for working capital and general corporate purposes.
A registration statement relating to the common stock and warrants has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state or jurisdiction. Once available, copies of the prospectus relating to this offering may be obtained from CRT Capital Group, 262 Harbor Drive, Stamford, CT 06902.
About Adamis Pharmaceuticals Corporation
Adamis Pharmaceuticals Corporation is a biopharmaceutical company engaged in the development and commercialization of specialty pharmaceutical and biotechnology products in the therapeutic areas of respiratory disease, allergy, oncology and immunology. Adamis current specialty pharmaceutical product candidates include the Epinephrine Injection PFS syringe product for use in the emergency treatment of anaphylaxis, APC-1000 and APC-5000 for the treatment of asthma and chronic obstructive pulmonary disease, and APC-3000, an HFA inhaled nasal steroid product for the treatment of allergic rhinitis. The company's vaccine product candidates and cancer drug product candidates under research and development include TeloB-VAX, a cell-based therapeutic cancer vaccine and three drugs, APC-100, APC-200, and APC-300, for the treatment of prostate cancer.