Adamis Announces Agreement to Sell Portion of US Compounding Business
August 04 2021 - 4:05PM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today
announced that it has entered into a definitive agreement to sell a
significant portion of the assets of its subsidiary, US Compounding
Inc. (USC), related to USC’s human compounding pharmaceutical
business and customers, in exchange for total gross consideration
estimated to be up to $15 million before transaction fees and
expenses. The consideration will be paid by the buyer to Adamis in
monthly installments over the course of approximately 12 months
based on a multiple of gross revenue generated by the assets during
the measurement period.
The transaction aligns with Adamis’ stated goal of focusing its
efforts on the development of its prescription pharmaceutical
pipeline. Adamis expects to use the proceeds from the sale for
general corporate purposes and to fund ongoing development of its
pipeline.
Further details related to the transaction and related matters
will be contained in a report on Form 8-K to be filed by the
Company within four business days of the effective date of the
agreement.
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, and radiation dermatitis. The company’s subsidiary,
USC, 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. 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, including, but not limited to, the following statements:
the consideration expected to be generated as a result of the sale
of USC assets; the Company’s ability to develop and commercialize
the product candidates described in this press release, itself or
through development and/or commercialization partners; the
potential of the Company’s prescription pharmaceutical pipeline,
including the Company’s ability to develop such pipeline; and other
statements concerning our future operations and activities. 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 the results
anticipated by such forward-looking statements. In addition, as
previously disclosed, each of the Company and USC has
received a subpoena from the U.S. Attorney’s Office for
the Southern District of New York issued in connection with a
criminal investigation. Accordingly, all forward-looking statements
are subject to the outcome of this investigation, as well as the
related investigation being conducted by the Company’s Audit
Committee. We cannot assess the impact of each factor on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. 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 and additional risks, uncertainties, and
other factors are described in greater detail in Adamis’ filings
from time to time with the U.S. Securities and Exchange
Commission (“SEC”), including its annual report on Form 10-K for
the year ended December 31, 2020 and subsequent filings
with the SEC, which Adamis strongly urges you to read and
consider, all of which are available free of charge on
the SEC's website at http://www.sec.gov.
Contact:
Adamis Investor RelationsRobert UhlManaging DirectorWestwicke
ICR619.228.5886robert.uhl@westwicke.com
Adamis Pharmaceuticals (NASDAQ:ADMP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Adamis Pharmaceuticals (NASDAQ:ADMP)
Historical Stock Chart
From Sep 2023 to Sep 2024