Adamis Announces Appointment of David C. Benedicto as Chief Financial Officer and Other Events
August 24 2021 - 4:05PM
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced
that David C. Benedicto, who has been serving as the Company’s
Chief Accounting Officer, will succeed Robert O. Hopkins as Chief
Financial Officer, effective immediately. Mr. Hopkins is departing
to pursue new opportunities after serving the Company for the past
14 years. Management has established a comprehensive transition
plan to maintain full continuity across all finance functions as
Mr. Hopkins departs.
Dr. Dennis J. Carlo, Chief Executive Officer of Adamis,
commented: “David has been an important member of our finance team
since he joined Adamis nearly seven years ago. In addition to
possessing strong experience in the biotechnology and
pharmaceutical sectors, he knows our assets and pipeline
exceedingly well. Our leadership is confident that he is prepared
to step into the Chief Financial Officer role and oversee all of
the Company’s finance functions. I also want to take the
opportunity to thank Robert for his many years of partnership and
service to Adamis. Most recently, he helped facilitate the sale of
assets of our US Compounding, Inc. subsidiary. We wish Robert well
as he pursues new opportunities.”
Mr. Benedicto has more than two decades of experience operating
in finance roles at public and private companies. Since joining
Adamis in late 2014, he has served as Controller and then as Chief
Accounting Officer. He previously held a senior accounting manager
role at Trius Therapeutics, Inc. prior to the business being
acquired. He has also held controller positions and led finance
functions at HERC Products, Inc. and BAE Systems Inc. Mr. Benedicto
is a CPA and a CMA (Certified Management Accountant) and holds a
bachelor's degree in Accounting from the University of Saint La
Salle and a Master of Business Administration from the University
of Redlands.
Deficiency Letter from Nasdaq
The Company also announced that, as expected, on August 20,
2021, it received a standard notification letter from the Listing
Qualifications Department of The Nasdaq Stock Market LLC notifying
the Company that, because the Company has not timely filed its
Quarterly Report on Form 10-Q for the period ended June 30, 2021,
as well as its 10-Q for the period ended March 31, 2021, the
Company does not comply with Nasdaq Marketplace Rule 5250(c)(1),
which requires timely filing of periodic reports with the
Securities and Exchange Commission. In response to a previous
notification letter from Nasdaq relating to the Form 10-Q for the
period ended March 31, 2021, the Company has previously submitted
to Nasdaq a plan to regain compliance. In connection with its
review of the plan, Nasdaq has requested that the Company submit an
updated plan to regain compliance. The letter indicated that if
Nasdaq accepts the plan, Nasdaq may grant an exception of up to
November 22, 2021, to regain compliance. If an exception is
granted, the Company may regain compliance at any time during the
permitted period upon filing the Form 10-Qs with the SEC, as well
as any other required periodic reports that are due within that
period. If Nasdaq does not accept the Company’s plan, the Company
will have the opportunity to appeal that decision to a Nasdaq
Hearings Panel. The Notice was issued in accordance with standard
Nasdaq procedures and has no immediate effect on the listing of the
Company’s common stock on the Nasdaq Capital Market.
Adamis will provide additional information related to the
promotion of Mr. Benedicto, the separation of Mr. Hopkins and the
NASDAQ deficiency letter in a Form 8-K to be filed with the
SEC.
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 resubmitted New
Drug Application (NDA) for its naloxone injection product
candidate, ZIMHI, for the treatment of opioid overdose is currently
under FDA review. Adamis is developing additional product
candidates, including treatments for acute respiratory diseases,
such as COVID-19, and radiation dermatitis. For additional
information about Adamis Pharmaceuticals, please
visit www.adamispharmaceuticals.com.
Forward Looking Statements
In addition to historical information, 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 Company’s beliefs concerning matters relating to the transition
of activities and responsibilities following the appointment of a
new chief financial officer; the expected timing for the filing of
the Company’s Quarterly Reports on Form 10-Q and our ability to
regain compliance with the Nasdaq continued listing standards; the
Company’s beliefs concerning the safety and effectiveness of its
products and product candidates; the Company’s ability to
successfully commercialize the products and product candidates
described in this press release, itself or through
commercialization partners, and the Company’s beliefs concerning
its product development activities; and other statements concerning
our future operations, activities and financial results. These
forward-looking statements are based upon information that is
currently available to us and our current expectations, speak only
as of the date hereof, and are subject to numerous risks and
uncertainties, including those related to whether Nasdaq will
accept our plan to regain compliance, our ability to file the Form
10-Qs before the time period specified in the Notice and our
ability to regain compliance with the Nasdaq continued listing
standards. 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. 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 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, 2020 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 web site
at http://www.sec.gov.
Contacts
Investor Relations
Robert UhlManaging DirectorWestwicke
ICR619.228.5886robert.uhl@westwicke.com
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