Adamis Announces Review of Strategic Alternatives
October 03 2022 - 04:30PM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease,
announced today that following the recently announced halting of
the Company’s Phase 2/3 clinical trial examining the effects of
Tempol in high risk subjects with early COVID-19 infection, it has
initiated a process to explore a range of strategic and financing
alternatives focused on maximizing stockholder value. Potential
alternatives that may be explored or evaluated include a
partnership or sale of one or both of the Company’s commercial
products SYMJEPI® and ZIMHI®, a merger, sale, or reverse merger of
the Company, and/or seeking additional financing.
As part of this process, the Company has engaged the investment
bank Raymond James & Associates, Inc. to act as strategic
advisor to assist the Company in evaluating certain alternatives.
There can be no assurance that this strategic review process will
result in the Company pursuing any transaction or that any
transaction, if pursued, will be completed. The Company has not
established a schedule for completion of this strategic review
process, nor has it made any definitive decisions at this time
related to strategic alternative transactions. If the Company is
unable to complete a transaction, it may be required to seek
bankruptcy protection or other alternatives for restructuring and
resolving its liabilities. The Company does not expect to disclose
or provide an update concerning developments related to this
process until the Company enters in definitive agreements or
arrangements with respect to a transaction or otherwise determines
that other disclosure is necessary or appropriate. The Company is
also reviewing and intends to pursue expense reduction alternatives
and measures which may include, without limitation, employee
headcount reductions and reduction or discontinuation of certain
product development programs.
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. The
Company’s ZIMHI® (naloxone) Injection product is approved
for the treatment of opioid overdose. Tempol, in development for
the treatment of patients with COVID-19, was the subject of a Phase
2/3 clinical trial which has been halted. For additional
information about Adamis Pharmaceuticals, please visit
our website and follow us
on Twitter and LinkedIn.
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 statements
concerning the following matters: the Company’s review and
evaluation of potential strategic alternatives and their impact on
stockholder value; the process by which the Company engages in
evaluation of strategic alternatives; the Company’s ability to
raise capital; the Company’s ability to identify potential buyers
or partners for one or both the Company’s commercial products; the
Company’s ability to identify potential merger or acquisition
partners; the Company’s ability to raise capital to continue as a
going concern; and the terms, timing, structure, benefits and costs
of any strategic transaction and whether one will be consummated at
all; the impact of any strategic transaction on the Company. 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. Factors that could
cause actual results to differ materially from management’s current
expectations include those risks and uncertainties relating to: our
ability to raise capital; the results of our strategic review
process; our cash flow, cash burn, expenses, obligations and
liabilities; the interest of third parties in entering into a
merger, reverse merger, or other strategic transaction with the
Company or in purchasing one or more of our commercial products;
any impact of this evaluation process on the sale of the Company’s
commercial products; the outcomes of any litigation, regulatory
proceedings, inquiries or investigations that we are or may become
subject to; and other important factors discussed in the Company’s
filings with the Securities and Exchange Commission (“SEC”). If we
do not obtain required additional equity or debt funding, our cash
resources will be depleted and we could be required to materially
reduce or suspend operations, which would likely have a material
adverse effect on our business, stock price and our relationships
with third parties with whom we have business relationships, at
least until additional funding is obtained. If we do not have
sufficient funds to continue operations or satisfy out liabilities,
we could be required to seek bankruptcy protection or other
alternatives to attempt to resolve our obligations and liabilities
that could result in our stockholders losing some or all of their
investment in us. 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 SEC, including its annual report on Form 10-K for the year
ended December 31, 2021, 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.
Contacts
Adamis Investor RelationsRobert UhlManaging
DirectorICR Westwicke619.228.5886robert.uhl@westwicke.com
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