Adamis Pharmaceuticals Announces Pricing of Public Offering of Common Stock
September 18 2020 - 9:00AM
Adamis Pharmaceuticals Corporation (Nasdaq: ADMP), a specialty
biopharmaceutical company focused on developing and commercializing
products in various therapeutic areas, including allergy, opioid
overdose, respiratory and inflammatory disease, announced today the
pricing of its previously announced underwritten public offering of
16,129,032 shares of its common stock at a public offering price of
$0.62 per share, resulting in gross proceeds of approximately
$10,000,000, before deducting underwriting discounts and
commissions and other estimated offering expenses payable by the
company. All shares of common stock to be sold in the public
offering are being sold by Adamis.
The offering is expected to close on September 22, 2020, subject
to the satisfaction of customary closing conditions. The company
has also granted the underwriters a 30-day option to purchase up to
2,419,354 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 offering. Maxim Group LLC is acting as
lead 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,
manufacturing, capital expenditures, 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 are being 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
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 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, U.S. 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 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.
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