Adamis Pharmaceuticals Corp ADMP has initiated a process to explore a range of strategic and financing alternatives.
The move follows the recently announced halting of the company’s Phase 2/3 trial examining the effects of Tempol in high-risk subjects with early COVID-19 infection.
In March this year, Adamis voluntarily recalled certain lots of Symjepi (epinephrine) Injection 0.15 mg and 0.3 mg pre-filled single-dose syringes to the consumer level due to the potential clogging of the needle preventing the dispensing of epinephrine.
Potential alternatives that may be explored or evaluated include a partnership or sale of one or both of the company’s commercial products, Symjepi and Zimhi, a merger, sale, or reverse merger of the company, and/or seeking additional financing.
The company has engaged the investment bank Raymond James & Associates, Inc. as a strategic advisor to assist the company in evaluating options.
If the company cannot complete a transaction, it may be required to seek bankruptcy protection or other alternatives for restructuring and resolving its liabilities.
ADMP also intends to pursue expense reduction alternatives, including job cuts.
Price Action: ADMP shares closed 5.75% higher at $0.17 during after-hours trading on Monday.
