Adamis Pharmaceuticals Announces License Agreement with Allergan plc Subsidiary for Epinephrine Pre-Filled Syringe
10 Mayo 2016 - 5:45AM
Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) (“Adamis”) has
entered into an exclusive licensing agreement with Allergan plc’s
wholly owned subsidiary, Watson Laboratories, Inc. (“Watson”), to
commercialize Adamis’ Epinephrine Pre-filled Syringe (“PFS”)
product candidate for the emergency treatment of anaphylaxis.
Under the terms of the agreement, Watson will obtain commercial
rights for the U.S. in exchange for an upfront fee and potential
regulatory and performance based milestone payments totaling up to
$32.5 million. Additionally, Watson will pay double-digit royalties
to Adamis based on income from future sales of the PFS in the
U.S. Adamis retains rights to commercialize the PFS in the
rest of the world.
Dr. Dennis J. Carlo, President and CEO of Adamis, stated, “There
is significant demand in the market for an alternative to the
high-cost epinephrine auto-injectors. We feel that Allergan,
through its planned merger with Teva, is the ideal partner to
market our epinephrine PFS in the U.S. and by doing so, maximize
the value of the product for our shareholders.”
“The epinephrine pre-filled syringe offers payers a cost
effective option that can be utilized in specific treatment
settings including hospitals and clinics, and will have
applications with select patient populations. We are pleased
to be partnering with Adamis to commercialize this unique product
offering,” said Andy Boyer, Allergan President of U.S. Generic
Sales and Marketing.
As previously disclosed in public filings, Allergan’s Generics
business will be transferred to Teva Pharmaceutical Industries Ltd.
(NYSE:TEVA) (TASE:TEVA) (“Teva”) pursuant to a pending sale
transaction. This licensing agreement will have no material impact
to the timing or likelihood of completion of Allergan’s transaction
with Teva.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company focused on developing and commercializing
products in the therapeutic areas of allergy and respiratory
disease. The Company’s 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-2000 for the treatment of bronchospasms.
Adamis’ wholly-owned subsidiary, US Compounding, is a 503B drug
outsourcing facility that provides prescription medications to
patients, physician clinics, hospitals and surgery centers
throughout most of the United States.
For more information, visit Adamis’ website at
www.adamispharmaceuticals.com.
Adamis Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements relate to future events or future
results of operations, including, but not limited to the following
statements: the company’s beliefs concerning the timing and outcome
of the FDA’s review of the company’s New Drug Application (NDA)
relating to its Epinephrine PFS product candidate; the company's
beliefs concerning the ability of its product candidates to compete
successfully in the market; the company's beliefs concerning the
safety and effectiveness of its product candidates; and future
revenues expected from any of its product candidates. These
statements are only predictions and involve known and unknown
risks, uncertainties and other factors, which may cause Adamis'
actual results to be materially different from these
forward-looking statements. There can be no assurances the
FDA will approve the NDA following resubmission of the NDA by the
company, or that the product will be commercially successful if
introduced. Certain of these risks, uncertainties, and other
factors are described in greater detail in Adamis’ filings from
time to time with the SEC, which Adamis strongly urges you to read
and consider, all of which are available free of charge on the
SEC's web site at http://www.sec.gov. Except to the
extent required by law, Adamis expressly disclaims any obligation
to update any forward-looking statements.
Contacts:
Adamis Investors:
Mark Flather
Director, Investor Relations
& Corporate Communications
(858) 412-7951
Mark Gundy
External Investor Relations
(972) 240-1873
markgundy@gmail.com
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