Adamis Pharmaceuticals Announces Proposed Public Offering
SAN DIEGO, CA -- (Marketwired) -- 11/20/13 -- Adamis Pharmaceuticals
Corporation (OTCQB: ADMP) today announced that it has filed a
registration statement on Form S-1 with the Securities and Exchange
Commission relating to a proposed public offering of common stock and
warrants. The filing covers up to $25 million in securities. In
connection with the anticipated closing of the proposed offering,
Adamis expects to effect a reverse stock split of its common stock
and list on the Nasdaq Capital Market.
Adamis intends to use approximately $7 million of the net proceeds
from the offering to make the final payment to 3M Company to acquire
the assets relating to the Taper dry powder inhaler technology,
pursuant to an agreement between the company and 3M entered into
earlier this year. Approximately $7.5 million of the net proceeds are
also expected to be used to pay in full all amounts owed under the
company's secured convertible promissory notes that were issued in a
private placement financing transaction in June 2013. Remaining net
proceeds are expected to be used to fund the filing and launch of the
Epinephrine PFS product candidate, fund clinical trials, and for
working capital and general corporate purposes.
A registration statement relating to the common stock and warrants
has been filed with the Securities and Exchange Commission but has
not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the securities described
herein, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities law of any such state or jurisdiction. Once available,
copies of the prospectus relating to this offering may be obtained
from CRT Capital Group, 262 Harbor Drive, Stamford, CT 06902.
About Adamis Pharmaceuticals Corporation
Adamis Pharmaceuticals Corporation is a biopharmaceutical company
engaged in the development and commercialization of specialty
pharmaceutical and biotechnology products in the therapeutic areas of
respiratory disease, allergy, oncology and immunology. Adamis current
specialty pharmaceutical product candidates include the Epinephrine
Injection PFS syringe product for use in the emergency treatment of
anaphylaxis, APC-1000 and APC-5000 for the treatment of asthma and
chronic obstructive pulmonary disease, and APC-3000, an HFA inhaled
nasal steroid product for the treatment of allergic rhinitis. The
company's vaccine product candidates and cancer drug product
candidates under research and development include TeloB-VAX, a
cell-based therapeutic cancer vaccine and three drugs, APC-100,
APC-200, and APC-300, for the treatment of prostate cancer.
Director, Investor Relations &
Adamis Pharmaceuticals Corporation
Capital Group Communications, Inc.
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