Adamis Pharmaceuticals Announces Pricing of Public Offering of Common Stock
January 29 2021 - 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
40,540,540 shares of its common stock at a public offering price of
$1.11 per share, resulting in gross proceeds of approximately
$45,000,000, 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 February 2, 2021, subject
to the satisfaction of customary closing conditions. The company
has also granted the underwriters a 30-day option to purchase up to
6,081,081 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.
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 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,
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 proceeds from the offering and statements about the
progress 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.
Contact:Mark FlatherSenior Director, Investor
Relations& Corporate CommunicationsAdamis Pharmaceuticals
Corporation(858) 412-7951mflather@adamispharma.com
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