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Adamis Pharmaceuticals Seeks Strategic Options, Including Sale

Vandana Singh
·1 min read

  • Adamis Pharmaceuticals Corp (NASDAQ: ADMP) has initiated a process to explore a range of strategic and financing alternatives.

  • The move follows the recently announced halting of the company's Phase 2/3 trial examining the effects of Tempol in high-risk subjects with early COVID-19 infection.

  • In March this year, Adamis voluntarily recalled certain lots of Symjepi (epinephrine) Injection 0.15 mg and 0.3 mg pre-filled single-dose syringes to the consumer level due to the potential clogging of the needle preventing the dispensing of epinephrine.

  • Potential alternatives that may be explored or evaluated include a partnership or sale of one or both of the company's commercial products, Symjepi and Zimhi, a merger, sale, or reverse merger of the company, and/or seeking additional financing.

  • The company has engaged the investment bank Raymond James & Associates, Inc. as a strategic advisor to assist the company in evaluating options.

  • If the company cannot complete a transaction, it may be required to seek bankruptcy protection or other alternatives for restructuring and resolving its liabilities.

  • ADMP also intends to pursue expense reduction alternatives, including job cuts.

  • Price Action: ADMP shares closed 5.75% higher at $0.17 during after-hours trading on Monday.

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