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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 –

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