Adamis Pharmaceuticals Announces Closing of Public Offering of Common Stock and Exercise of Over-Allotment Option in Full
April 26 2017 - 04:05PM
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 closing 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, as well as
642,857 additional shares of its common stock pursuant to the full
exercise of the over-allotment option granted to the underwriters.
The gross proceeds are expected to be
approximately $17,250,000, before deducting underwriting discounts
and commissions and estimated offering expenses payable by the
company.
Raymond James & Associates, Inc. acted
as the sole book-running manager of the offering, and Maxim Group
LLC acted 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, 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 were issued 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, and a related automatically effective registration
statement filed pursuant to Rule 462(b) of the Securities Act of
1933. A final prospectus supplement and an accompanying
prospectus relating to the offering was filed with the SEC on
April 21, 2017. Copies of the 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.
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. 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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