Adamis Pharmaceuticals Announces Production of Products by its Subsidiary US Compounding to Aid in the COVID-19 Pandemic
April 01 2020 - 9:00AM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced
that its wholly owned drug outsourcing facility, US Compounding
Inc. (USC), has shifted part of its production to provide
medical-grade hand sanitizers to hospitals and health care workers
to assist in the ongoing fight against COVID-19.
USC began manufacturing sanitizers after the Food and Drug
Administration (FDA) issued guidance enabling FDA-registered
outsourcing facilities, such as USC, to formulate certain
alcohol-based hand sanitizer products for the duration of the
public health emergency declared by the Secretary of Health and
Human Services (HHS) on January 31, 2020. The first batches
of product will be shipped to hospitals in New York, which has been
one of the hardest hit areas in the U.S.
Dr. Dennis J. Carlo, President and Chief Executive Officer of
Adamis stated, “With demand for hand sanitizer currently outpacing
supply, we have moved expeditiously to make these products
available. We will continue to manufacture for so long as
there is a shortage.”
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
respiratory disease, allergy and opioid overdose. The
company’s SYMJEPI (epinephrine) Injection 0.3mg and SYMJEPI
(epinephrine) Injection 0.15mg products were approved by the FDA
for use in the emergency treatment of acute allergic reactions,
including anaphylaxis. In July 2019, Sandoz, a division of
Novartis Group, announced it had fully launched both in the
U.S. Please refer to www.SYMJEPI.com for additional
product information. Adamis is developing additional
products, including a naloxone injection product candidate, ZIMHI,
for the treatment of opioid overdose, and a metered dose inhaler
and dry powder inhaler product candidates for the treatment of
asthma and COPD. The company’s subsidiary, U.S. Compounding,
Inc., compounds sterile prescription drugs, and certain nonsterile
drugs for use by hospitals, clinics and surgery centers throughout
most of the United States.
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 impact of the recent COVID-19 outbreak
and overall economic outlook on the company’s present and future
operations, employees, suppliers, supply chain, manufacturers and
commercial partners; the existence of a shortage for hand sanitizer
products; the extent of current and future demand for the hand
sanitizer products being produced by the company’s US Compounding
Inc. (USC) subsidiary; the extent of the current and future supply
of hand sanitizer products available in the U.S.; USC’s ability to
continue to manufacture and supply the hand sanitizer products; 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 SYMJEPI, ZIMHI or its
other products and product candidates; statements about strategies,
objectives and future goals and achievements; guidance regarding
future periods; 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 these forward-looking statements.
There can be no assurance regarding future demand for hand
sanitizer products such as those supplied by USC, USC’s continued
ability to supply such products, any future revenues derived from
sales of such products, or how long the current shortage of hand
sanitizer products will continue. In addition,
forward-looking statements concerning our anticipated future
activities assume that we are able to obtain 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. In addition, 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, uncertainties, and other
factors are described in greater detail in Adamis’ filings from
time to time with the SEC, including its annual report on Form 10-K
for the year ended December 31, 2019, and our 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 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:
Mark FlatherSenior Director, Investor Relations& Corporate
CommunicationsAdamis Pharmaceuticals Corporation(858)
412-7951mflather@adamispharma.com
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