Adamis Pharmaceuticals Announces Closing of the Merger with DMK Pharmaceuticals

2023-05-26

高管变更上市批准并购

DMK CEO, Ebrahim (Eboo) Versi, MD, PhD, named CEO and Chairman of the combined company

Combined company will have commercial products and a library of development candidates, including two clinical stage programs

DPI-125, the lead development program, is a clinical stage therapeutic under investigation for the treatment of opioid use disorder

Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a commercial-stage biopharmaceutical company, today announced the closing of its merger with DMK Pharmaceuticals Corporation.

The combined, publicly traded company will focus its efforts on increasing sales of Adamis’ commercial products and advancing DMK’s lead clinical stage compound, DPI-125, which is being studied as a potential novel treatment for opioid use disorder (OUD). The common stock of Adamis will continue to trade on the Nasdaq Capital Market under the ticker symbol “ADMP”.

At the close of the merger, Ebrahim Versi, CEO of DMK, was named CEO of Adamis and Chairman of the Board of Directors. Dr. Versi stated, “We are very excited about this merger, as I believe that the combined company will make a significant contribution to saving and improving the lives of people suffering from opioid use disorder. Too many lives are cut far too short and families are devastated by this disease and we need to act urgently to reverse this epidemic. ZIMHI, I believe, is the most effective naloxone medicine to reverse fentanyl overdoses and my goal will be to make this our flagship product and to build on that with our novel first-in-class compound, DPI-125. Not only does it have the potential to treat patients with opioid use disorder but also, I believe, to prevent it when used as a potent analgesic, thus obviating the need for use of opiates. The global opioid market in 2021 was reported as being greater than $22 billion. Given the differentiated profiles of these agents, along with our large portfolio of novel compounds, I see a bright future for the company.”

Preceding the closing of the merger, on May 22, 2023, Adamis effected a 1-for-70 reverse stock split of all of its issued and outstanding shares of common stock. All outstanding options, restricted stock unit awards, and warrants were proportionately adjusted, pursuant to their respective terms. Pursuant to the terms of the merger transaction, Adamis issued shares of common stock and Series E Convertible Preferred Stock to the former shareholders of DMK. Upon completion of the merger, taking into consideration the reverse stock split, Adamis has approximately 2,662,632 shares of common stock outstanding, excluding options, RSUs, warrants and convertible securities.

About Adamis Pharmaceuticals

Prior to the merger, Adamis Pharmaceuticals Corporation was a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including opioid overdose and allergy. Adamis’ products approved by the FDA include ZIMHI® (naloxone) Injection for the treatment of opioid overdose, and SYMJEPI® (epinephrine) Injection for use in the emergency treatment of acute allergic reactions, including anaphylaxis. As a result of the merger with DMK Pharmaceuticals, the Company is now also focused on developing novel therapies for opioid use disorder (OUD) and other important neuro-based conditions where patients are currently underserved. The Company believes that DMK’s technology is at the forefront of endorphin-inspired drug design with its mono, bi- and tri-functional small molecules that simultaneously modulate critical networks in the nervous system. DMK has a library of approximately 750 small molecule neuropeptide analogues and a differentiated pipeline that could address unmet medical needs by taking the novel approach to integrate with the body’s own efforts to regain balance of disrupted physiology. DMK’s lead clinical stage product candidate, DPI-125, is being studied as a potential novel treatment for OUD. The Company also plans to develop the compound for the treatment of moderate to severe pain. DMK’s other development stage product candidates include DPI-221 for bladder control problems and DPI-289 for severe end stage Parkinson’s disease. For additional information about Adamis Pharmaceuticals, please visit our website and follow us on Twitter and LinkedIn.

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