Adamis Pharmaceuticals Announces Pricing of Public Offering of Common Stock
April 21 2017 - 9:13AM
Adamis Pharmaceuticals Corporation (NASDAQ:ADMP), a specialty
biopharmaceutical company focused on developing and commercializing
products in the therapeutic areas of respiratory disease and
allergy, announced today the pricing of its previously announced
underwritten public offering of 4,285,715 shares of its common
stock at a public offering price of $3.50 per share, resulting in
gross proceeds of approximately $15,000,000, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the company.
The offering is expected to close on April 26, 2017, subject to
the satisfaction of customary closing conditions. The company
has also granted the underwriters a 30-day option to purchase up to
642,857 additional shares of its common stock to cover
over-allotments, if any.
Raymond James & Associates, Inc. is acting as the sole
book-running manager for the proposed offering, and Maxim Group LLC
is acting as a co-manager for the offering.
The company intends to use the net proceeds of the offering for
general corporate purposes, which may include, without limitation,
expenditures relating to research, development and clinical trials
relating to the Company’s products and product candidates, capital
expenditures, hiring additional personnel, acquisitions of new
technologies or products, the repayment, refinancing, redemption or
repurchase of existing or future indebtedness or capital stock and
working capital.
The securities described above are being offered by the company
pursuant to a "shelf" registration statement on Form S-3 (file No.
333-196976) previously filed with and declared effective by the
Securities and Exchange Commission (SEC) on July 2, 2014. A
preliminary prospectus supplement and the related prospectus have
been filed with the SEC and are available on the SEC’s website at
www.sec.gov. A final prospectus supplement and an accompanying
prospectus related to the offering will be filed with the SEC and
will be available on the SEC’s website located at
www.sec.gov. When available, copies of the final prospectus
supplement and the accompanying prospectus relating to this
offering may be obtained by contacting Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida, or by telephone at
(800) 248-8863, or e-mail at prospectus@raymondjames.com.
Before investing in the offering, you should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the company has filed with the SEC
that are incorporated by reference in the prospectus supplement and
the accompanying prospectus, which provide more information about
the company and the offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities described herein,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Adamis Pharmaceuticals Corporation
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company focused on developing and commercializing
products in the therapeutic areas of respiratory disease and
allergy. The company’s current specialty pharmaceutical
product candidates include Epinephrine Injection pre-filled syringe
product for use in the emergency treatment of acute allergic
reactions, including anaphylaxis; albuterol (APC-2000) and
fluticasone (APC-4000) dry powder inhaler products for the
treatment of bronchospasm and asthma; and beclomethasone
(APC-1000), a metered dose inhaler product for the treatment of
asthma. The Company’s U.S. Compounding, Inc. subsidiary, which is
registered as a drug compounding outsourcing facility under Section
503B of the U.S. Food, Drug & Cosmetic Act and the U.S. Drug
Quality and Security Act, provides prescription compounded
medications, including compounded sterile preparations and
non-sterile compounds, to patients, physician clinics, hospitals,
surgery centers and other clients throughout most of the United
States. USC’s offerings broadly include, among others,
injectable corticosteroids, hormone replacement therapies, hospital
outsourcing formulations, urological preparations, ophthalmic
preparations, topical compounds for pain and men’s and women’s
health formulations.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the public offering and the
intended use of proceeds from the offering and statements about the
progress of the commercialization of its epinephrine pre-filled
syringe product and the development of the company’s product
candidates. The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed. These forward-looking statements
also are subject to risks, uncertainties and assumptions, including
those detailed from time to time in the company’s filings with the
SEC, and represent the company’s views only as of the date they are
made and should not be relied upon as representing the company’s
views as of any subsequent date. The company’s actual results
may differ materially from those contemplated by these
forward-looking statements. Except to the extent required by
law, the company does not undertake to update any of these
forward-looking statements to reflect a change in its views or
events or circumstances that occur after the date of this press
release.
Contact Adamis
Mark Flather
Senior Director, Investor Relations &
Corporate Communications
(858) 412-7951
mflather@adamispharma.com
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