|Bid||0.8429 x 1000|
|Ask||0.8502 x 900|
|Day's Range||0.8401 - 0.9121|
|52 Week Range||0.3200 - 2.3400|
|Beta (5Y Monthly)||1.37|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 12, 2021 - Apr 16, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.00|
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) has provided an update on its marketing application's status seeking approval for Zimhi's high-dose naloxone injection product to treat opioid overdose. Type A meeting with the FDA was concluded. The company believes the meeting was productive and plans to resubmit the Zimhi application to the FDA within the next 45 days, absent unexpected delays. The FDA did not provide a detailed timeline for review but did indicate that it would attempt to work expeditiously. Last year, the company received a complete response letter from the agency regarding the Zimhi marketing application. The questions raised by the FDA are generally related to new Chemistry, Manufacturing, and Controls issues. Naloxone is an opioid antagonist and is generally considered the drug of choice for immediate administration for opioid overdose. It works by blocking or reversing the effects of the opioid, including extreme drowsiness, slowed breathing, or loss of consciousness. Price Action: ADMP shares are down 1.3% at $0.87 on the last check Monday. See more from BenzingaClick here for options trades from BenzingaOncolytics Biotech's Pelareorep Associated With Therapeutic Efficacy, Improved Clinical Outcomes In Breast CancerCardiff Oncology's Onvansertib Shows Durable Response, Progression-Free Survival In Colorectal Cancer Patients© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SAN DIEGO, April 12, 2021 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today provided an update on the status of the company’s New Drug Application (NDA) relating to its ZIMHI™ high-dose naloxone injection product intended for the treatment of opioid overdose. The company had a Type A meeting with the U.S. Food and Drug Administration (FDA) to review comments on the additional information provided by the company in response to the FDA’s previous Complete Response Letter (CRL) regarding the NDA, and also to obtain input from the agency concerning the resubmission of the NDA. Adamis believes the meeting was productive and plans to resubmit the NDA for ZIMHI to the FDA within the next 45 days, absent unexpected delays. The FDA did not provide a detailed timeline for review but did indicate that it would attempt to work in an expeditious manner, acknowledging that the country is in an opioid crisis. Dr. Dennis J. Carlo, President and Chief Executive Officer of Adamis Pharmaceuticals, stated, “We believe we obtained critical feedback from the FDA at our Type A meeting on a number of issues and also received an acknowledgement of the agency’s intention to commit to a rapid review of the NDA. Currently, 88,000 deaths due to drug overdoses have occurred in a 12-month period ending in August 2020 and deaths have increased by 27% during the COVID-19 pandemic compared to the previous year. I believe the availability of our higher dose naloxone product could potentially save thousands of lives.” In November 2020, the company received a CRL from the FDA regarding the NDA for Adamis’ ZIMHI high-dose naloxone injection product intended for the treatment of opioid overdose. Before the Type A meeting, the company provided responses to the issues that the FDA determined must be corrected before the agency can consider approving the NDA. About ZIMHI ZIMHI is a high-dose naloxone injection product candidate intended for the treatment of opioid overdose. Naloxone is an opioid antagonist and is generally considered the drug of choice for immediate administration for opioid overdose. It works by blocking or reversing the effects of the opioid, including extreme drowsiness, slowed breathing, or loss of consciousness. Common opioids include morphine, heroin, tramadol, oxycodone, hydrocodone and fentanyl. According to statistics published by the Centers for Disease Control and Prevention (CDC) in 2018, drug overdoses resulted in approximately 67,000 deaths in the United States – greater than 185 deaths per day. Drug overdoses are now the leading cause of death for Americans under 50, and more powerful synthetic opioids, like fentanyl and its analogues, are responsible for the largest number of deaths from opioid overdoses. About Adamis Pharmaceuticals Adamis Pharmaceuticals Corporation is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease. The company’s SYMJEPI™ (epinephrine) Injection products are approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis’ naloxone injection product candidate, ZIMHI™, for the treatment of opioid overdose, is currently under FDA review. Adamis is developing additional products, including treatments for acute respiratory diseases, such as COVID-19. The company’s subsidiary, US Compounding Inc., compounds sterile prescription drugs, and certain nonsterile drugs for human and veterinary use by hospitals, clinics, surgery centers, and vet clinics throughout most of the United States. For additional information about Adamis Pharmaceuticals, please visit www.adamispharmaceuticals.com. Adamis Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future development and/or otherwise are not statements of historical fact. These statements relate to future events or future results of operations, including, but not limited to the following statements: the company’s beliefs concerning its ability to satisfactorily respond to the matters raised in the FDA’s CRL; the company’s beliefs concerning the information, data and actions that the FDA may require in connection with any resubmitted New Drug Application (NDA) relating to ZIMHI; the company’s beliefs concerning the timing and outcome of any appeal or formal dispute resolution process that the company may initiate relating to the agency’s decisions regarding the NDA; the company’s beliefs concerning the results of any future studies or clinical trials that the company may conduct relating to ZIMHI; the company’s beliefs concerning the timing and outcome of the FDA’s review of the company’s NDA relating to the ZIMHI product or any resubmitted NDA; the company’s beliefs concerning its ability to commercialize ZIMHI and its other products and product candidates; the company's beliefs concerning the ability of its product candidates to compete successfully in the market; the company's beliefs concerning the safety and effectiveness of ZIMHI or its other products and product candidates; the company’s beliefs concerning its commercialization strategies; and the company’s beliefs concerning the anticipated timing of any commercial launch of its ZIMHI product. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Adamis' actual results to be materially different from these forward-looking statements. The FDA may require additional studies, or other actions, data or information, prior to any decision regarding a resubmitted NDA or after review of a resubmitted NDA. There can be no assurances that the company will be able to satisfactorily respond to the matters raised in the FDA’s CRL or concerning the timing of any resubmission by us of the NDA responding to the CRL, concerning the timing or costs of any additional actions that may be required in connection with any resubmission of the NDA, that the FDA will approve any resubmitted NDA relating to our ZIMHI product or concerning the timing of any future action by the FDA on our NDA, that the company will be successful in any formal dispute resolution appeal process with the FDA, or that the product will be able to compete successfully in the market if approved and launched. The FDA could issue an additional CRL or require additional studies, or other actions, data or information, following review or any resubmitted NDA. In addition, forward-looking statements concerning our anticipated future activities assume that we have sufficient funding to support such activities and continue our operations and planned activities. As discussed in our filings with the Securities and Exchange Commission, we may require additional funding, and there are no assurances that such funding will be available if required. You should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as may be required by applicable law, we undertake no obligation to update or release publicly the results of any revisions to these forward-looking statements or to reflect events or circumstances arising after the date of this press release. Certain of these risks, uncertainties, and other factors are described in greater detail in Adamis’ filings from time to time with the SEC, which Adamis strongly urges you to read and consider, all of which are available free of charge on the SEC's web site at http://www.sec.gov. Except to the extent required by law, any forward-looking statements in this press release speak only as the date of this press release, and Adamis expressly disclaims any obligation to update any forward-looking statements. Contacts:Investor Relations Adamis Pharmaceuticals Corporation IR@adamispharma.com Robert UhlManaging Director, Westwicke ICR619.228.5886, email@example.com
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