Adamis Pharmaceuticals Announces Termination of Merger

Adamis Pharmaceuticals Announces Termination of Merger Agreement 
SAN DIEGO, CA -- (MARKET WIRE) -- 03/04/10 --   Adamis
Pharmaceuticals Corporation (OTCBB: ADMP), announced today that
Adamis and La Jolla Pharmaceutical Company have agreed to terminate
their merger agreement relating to the proposed merger of the two
companies. The termination follows the announcement by La Jolla on
March 3, 2010, that its common stock would be suspended and delisted
from the Nasdaq stock market effective at the open of business on
Thursday, March 4, 2010. Although the overwhelming majority of La
Jolla shareholders that returned their proxy voted to approve the
merger, only 13% of La Jolla's outstanding common stock was
represented. As a result, the La Jolla stockholder meeting and the
solicitation of further votes had been cancelled due to the delisting
from Nasdaq. La Jolla had previously announced that if its common
stock was delisted from Nasdaq, it would need additional regulatory
approvals to continue soliciting proxies, resulting in significant
additional costs and time delays, and that such approvals would be
difficult to obtain and may not be obtained at all.  
"In light of fact that the boards of Adamis and La Jolla recommended
the merger, and the Adamis shareholders voted to approve, we are
disappointed that we were unable to complete the transaction. We wish
them well. While we thought that the proposed transaction would be
beneficial for both companies, we believe we have identified
alternatives for moving forward and implementing our business plan,
and we will immediately proceed with those alternatives," said Dennis
J. Carlo, Ph.D., President and Chief Executive Officer of Adamis. "We
are very excited about our recently announced agreement to acquire
exclusive license agreements covering three small molecule compounds
from Colby Pharmaceuticals for the potential treatment of human
prostate cancer. In 2006 and 2007, two of the three compounds won the
National Cancer Institute (NCI) RAPID Award. This award is given for
compounds that the NCI consider the most promising new drugs for the
treatment of cancer," added Dr. Carlo. 
About Adamis Pharmaceuticals 
Adamis Pharmaceuticals has two wholly owned subsidiaries, Adamis
Laboratories and Adamis Viral Therapies. Adamis Labs expects to
launch a series of niche prescription products in the allergy and
respiratory therapeutic area, including its Epinephrine Injection USP
1:1000 (0.3mg Pre-Filled Single Dose Syringe) product launched last
year. Adamis Viral Therapies is focused on the development of
patented, proprietary technologies and recently entered into an
agreement with Colby Pharmaceutical Company to acquire exclusive
license agreements covering three small molecule compounds for the
potential treatment of human prostate cancer.  
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. No offering of securities shall be
made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended. 
For Additional Information 
Mark Bernhard 
mark@capitalgc.com 
Mark Gundy 
mark.gundy@capitalgc.com 
Capital Group Communications, Inc.
Tel: 415.332.7200 
 
 
Press spacebar to pause and continue. Press esc to stop.