Adamis Pharmaceuticals Complete US Compounding Acquisition

Adamis Pharmaceuticals Corp ADMP disclosed, in a press statement, that it completed US Compounding, Inc. acquisition successfully in line with its earlier announcement. As a result, it has become a fully-owned subsidiary of the company. On March 29, Adamis Pharmaceuticals revealed that all the outstanding shares of US Compounding would be converted into about 1.62 million shares. The company indicated that it would also assume some secured debt obligations. The company's President and CEO, Dennis Carlo, said, "We are pleased to have completed this transformational acquisition that will expand our product portfolio, provide immediate revenues, as well as significantly increase our manufacturing, sales and marketing capabilities. The combination will now position us to better commercialize our pipeline products upon approval and diversify our revenue mix.." Adamis Pharmaceuticals' CEO further added, "Our Epinephrine Pre-filled Syringe ("PFS") has an FDA agency action date (PDUFA date) of June 4, 2016. The potential revenues from the PFS combined with the anticipated cash flows from USC, should put Adamis in a strong financial position." Shares of the company closed in the red by 2.91%.