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

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  • 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.
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