Adamis Pharmaceuticals Announces Closing of Public Offering of Common Stock
February 02 2021 - 4:05PM
Adamis Pharmaceuticals Corporation (Nasdaq: ADMP), today
announced the closing of its underwritten public offering of
46,621,621 shares of its common stock, including 6,081,081 shares
sold pursuant to the exercise in full of the underwriters' option
to purchase additional shares, at the public offering price of
$1.11 per share. As a result of the underwriters' exercise of the
option, the aggregate gross proceeds to Adamis from the offering,
before deducting underwriting discounts and commissions and other
offering expenses payable by the company, was approximately
$51.7 million.
Raymond James & Associates, Inc. acted as the sole
book-running manager for the offering.
The company intends to use the net proceeds from this offering
for general corporate purposes, which may include, without
limitation, expenditures relating to research, development and
clinical trials relating to its products and product candidates,
capital expenditures, manufacturing, hiring additional personnel,
acquisitions of new technologies or products, the payment,
repayment, refinancing, redemption or repurchase of existing or
future indebtedness, obligations or capital stock, and working
capital.
The securities described above were offered by the company
pursuant to a “shelf” registration statement on Form S-3 (File No.
333-226100) previously filed with and declared effective by the
Securities and Exchange Commission (the “SEC”) on July 18, 2018. A
final prospectus supplement and the related prospectus have been
filed with the SEC and are available on the SEC’s website at
www.sec.gov. 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.
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 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, influenza, asthma and COPD. The company’s subsidiary,
US Compounding Inc., 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.
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 the net proceeds from the offering and statements
about future developments relating to company’s product candidates.
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 company’s beliefs
concerning the following statements: the intended use of proceeds
from the offering described in this press release; and future
developments regarding the company’s products and product
candidates. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, which may cause
the company’s actual results to be materially different from these
forward-looking statements. Further, any forward-looking statement
speaks only as of the date on which it is made and should not be
relied upon as representing the company’s views as of any
subsequent date, and except as may be required by applicable law,
we expressly disclaim any, 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,
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.
Contact:Mark FlatherSenior Director, Investor
Relations& Corporate CommunicationsAdamis Pharmaceuticals
Corporation(858) 412-7951mflather@adamispharma.com
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