Adamis Pharmaceuticals Announces $11.1 Million Registered Direct Offering
29 Julio 2016 - 7:45AM
Adamis Pharmaceuticals Corporation (NASDAQ:ADMP), a specialty
biopharmaceutical company focused on developing and commercializing
products in the therapeutic areas of respiratory disease, allergy,
and immunology, announced today that it has entered into definitive
subscription agreements with investors pursuant to a registered
direct offering for total gross proceeds of approximately $11.1
million. The closing of the transaction is expected to occur on
August 2, 2016, subject to the satisfaction of customary closing
conditions.
The offering was priced at $3.095 per unit, representing a 4.2%
premium to the closing price on the agreement date. Each unit
consists of one share of common stock and one warrant to purchase
one share of common stock. The warrants will be immediately
exercisable after issuance at an exercise price of $2.98 per share
and will expire five years from the date of issuance. The
shares of common stock and warrants are immediately separable.
Adamis estimates that the net offering proceeds, after deducting
placement agent fees, will be approximately $10.3 million,
excluding any future proceeds from the potential exercise of the
warrants and before deducting other estimated offering expenses
payable by Adamis.
Proceeds from the transaction are intended to be used for
general corporate purposes, which may include, without limitation,
expenditures relating to development and further trials relating to
the company’s epinephrine pre-filled syringe product and
resubmission of the company’s New Drug Application relating to that
product, other research and development and clinical trial
expenditures, helping fund operations of our USC subsidiary, hiring
additional personnel, acquisitions of new technologies or products,
the potential repayment of indebtedness under loan agreements and
documents, and working capital.
Maxim Group LLC acted as the exclusive placement agent for the
transaction.
A shelf registration statement (File No. 333-196976) relating to
the shares of common stock and warrants issued in the offering (and
the shares of common stock issuable upon exercise of the warrants)
has been filed with, and declared effective by, the Securities and
Exchange Commission. A prospectus supplement relating to the
offering will be filed with the SEC. Copies of the prospectus
supplement and accompanying prospectus may be obtained at the SEC’s
website at http://www. sec.gov, or from the offices of Maxim Group
LLC, 405 Lexington Avenue, New York, New York 10174, Attn:
Prospectus Department, or by telephone at (800) 724-0751. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of our shares of common stock
or warrants. No offer, solicitation or sale will be made in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
About Adamis Pharmaceuticals Corporation
Adamis Pharmaceuticals Corporation is a specialty
biopharmaceutical company focused on developing and commercializing
products in the therapeutic areas of respiratory disease, allergy
and immunology. 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. The Company’s U.S. Compounding,
Inc. subsidiary, which is registered as a drug compounding
outsourcing facility under Section 503B of the U.S. Food, Drug
& Cosmetic Act and the U.S. Drug Quality and Security Act,
provides prescription compounded medications, including compounded
sterile preparations and non-sterile compounds, to patients,
physician clinics, hospitals, surgery centers and other clients
throughout most of the United States. USC’s product offerings
broadly include, among others, corticosteroids, hormone replacement
therapies, hospital outsourcing products, injectables, urological
preparations, ophthalmic preparations, topical compounds for pain
and men’s and women’s health products.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the offering and the intended
use of proceeds from the offering. The offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the offering may be completed. For example,
there are risks associated with investors fulfilling their
obligations to purchase the securities and Adamis’s ability to
satisfy its conditions to close the offering. These
forward-looking statements also are subject to risks, uncertainties
and assumptions, including those detailed from time to time in the
company’s filings with the SEC, and represent the company’s views
only as of the date they are made and should not be relied upon as
representing the company’s views as of any subsequent date.
The company’s actual results may differ materially from those
contemplated by these forward-looking statements. Except to
the extent required by law, the company does not undertake to
update any of these forward-looking statements to reflect a change
in its views or events or circumstances that occur after the date
of this press release.
Contact Adamis
Mark Flather
Senior Director, Investor Relations & Corporate Communications
(858) 412-7951
mflather@adamispharma.com
Adamis Pharmaceuticals (NASDAQ:ADMP)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Adamis Pharmaceuticals (NASDAQ:ADMP)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024