Daily Stock Market News

Penny stock player to review all options to try staying afloat after clinical trial fail –


Adamis Phar­ma­ceu­ti­cals is slow­ly tum­bling down, and the biotech is look­ing at all its op­tions.

Af­ter a Phase II/III tri­al fail­ure last month that sent the pen­ny stock play­er down an ad­di­tion­al 50% to just 15 cents a share, the com­pa­ny said Mon­day that it is ex­am­in­ing op­tions to get the best val­ue for its in­vestors. A state­ment from Adamis in­di­cates that al­ter­na­tives in­clude any­thing from a part­ner­ship to a sale of Adamis’ two com­mer­cial prod­ucts, Zimhi and Sym­jepi.

Even be­yond that, a merg­er or sale aren’t nec­es­sar­i­ly off the ta­ble. While Adamis hasn’t pub­licly de­cid­ed on any­thing, it did say in a state­ment that if a “trans­ac­tion” is un­able to be reached, the biotech may have to look at bank­rupt­cy pro­tec­tion.

In the mean­time, Adamis is ex­am­in­ing oth­er cost re­duc­tion mea­sures, such as lay­offs or slow­ing/halt­ing R&D pro­grams.

This is one of the lat­est up­dates for the biotech af­ter the tri­al, look­ing at a can­di­date called Tem­pol to treat ear­ly Covid-19 in­fec­tions, failed to meet the pri­ma­ry end­point in 248 pa­tients. While safe­ty wasn’t an is­sue, ef­fi­ca­cy was.

The biotech’s share price $ADMP has now fall­en more than 80% since this time last year. And as of this morn­ing, the com­pa­ny went down an­oth­er 6%.

Adamis de­clined to com­ment be­yond its press re­lease, cit­ing ad­vice from its lawyers.

The biotech had been fo­cus­ing on two prod­ucts — an ep­i­neph­rine in­jectable called Sym­jepi, and then Zimhi, a high-dose nalox­one in­jec­tion ap­proved by the FDA on its third try last year. That ap­proval went through af­ter hav­ing pre­vi­ous­ly faced two CRLs due to man­u­fac­tur­ing is­sues.

Adamis has been wit­ness to an in­ter­nal shake­up of its own in re­cent months. The biotech ap­point­ed co-founder and for­mer CBO David Mar­guglio as the biotech’s new pres­i­dent and CEO in May af­ter Den­nis Car­lo’s abrupt de­par­ture. Most re­cent­ly, CMO Ronald Moss turned in his two-week no­tice to Adamis on Oct. 1, with his res­ig­na­tion ef­fec­tive Oct. 14, per an SEC doc­u­ment filed Tues­day.



Read More: Penny stock player to review all options to try staying afloat after clinical trial fail –

You might also like
A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.