Opioid Focused Adamis Pharma Agrees To Merge With Privately Held DMK Pharmaceuticals

  • Adamis Pharmaceuticals Corporation ADMP and DMK Pharmaceuticals Corp entered into an Agreement and Plan of Merger and Reorganization
  • DMK Pharmaceuticals is a privately held, clinical-stage neuro-biotechnology company focused on developing therapies for opioid use disorder (OUD) and other neuro-based conditions.
  • Adamis' lead products include FDA-approved Zimhi (naloxone) Injection for opioid overdose and Symjepi (epinephrine) Injection for acute allergic reactions, including anaphylaxis.
  • The lead development program will be a clinical-stage therapeutic under development for the treatment of opioid use disorder.
  • Under the Agreement, Adamis will acquire DMK, including its library of approximately 750 small molecule neuropeptide analogs and ongoing government funding for its development programs.
  • In October last year, Adamis Pharmaceuticals initiated a process to explore a range of strategic and financing alternatives following the halting of its Phase 2/3 trial examining the effects of Tempol in high-risk subjects with early COVID-19 infection.
  • "After engaging in a thorough process of exploring potential alternatives and transactions, we believe a merger with DMK is the best path forward for Adamis and the strategy that has the potential to deliver significant value to Adamis' shareholders," stated David Marguglio, CEO of Adamis. 
  • Eboo Versi, the current CEO of DMK, will assume the role of CEO and chairman of the combined company. 
  • Also, before the effective time of the merger, a reverse stock split of Adamis Common Stock will be consummated.
  • Price Action: ADMP shares are up 38.44% at $0.36 during the premarket session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechM&ANewsPenny StocksHealth CareMoversGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!