SAN DIEGO, CA--(Marketwire - December 01, 2010) - Adamis Pharmaceuticals Corporation (OTCBB: ADMP), announced the signing of a strategic manufacturing, supply, and product development agreement with Beximco Pharmaceuticals Ltd. Beximco is a leading manufacturer of pharmaceutical formulations and Active Pharmaceutical Ingredients (API's) in Bangladesh. They employ over 3,000 employees, have state-of-the-art manufacturing facilities and have more than 400 products covering broad therapeutic categories including but not limited to asthma and allergy inhalers, antibiotics, anti-hypertensives, anti-diabetics, and anti-retrovirals, etc. Beximco Pharmaceuticals' manufacturing site houses a number of self-contained production units including oral solids, metered dose inhalers, intravenous fluids, liquids, ointments, creams, suppositories, ophthalmic drops, injectables, nebulizer solutions etc. Adamis and Beximco will initially target to introduce four separate drugs in the U.S. over the next three years. The focus of these drugs will be in the areas of allergy and asthma which represent multi-billion dollar markets. In addition, the companies will co-develop certain drugs, some of which Beximco currently produce for the European market. Adamis will be responsible for regulatory approval and sales in the U.S.
Mr. Nazmul Hassan, Managing Director of Beximco Pharma, commented in Beximco's November 30, 2010 press release, "This is another achievement for the Company and highlights our significant generic drug capabilities as we move closer towards becoming a global generic drug player, particularly in the most advanced markets in the US and Europe. We look forward to working closely with Adamis to capitalize on the generic drug opportunities in the US market, and achieving sustainable growth through creating long-term shareholder value."
Dr. Dennis Carlo, President and CEO of Adamis, stated, "This agreement moves us closer to the goal of building a company that creates excellent shareholder value, is profitable and has a pipeline that permits substantial long term growth. Since Beximco's current drug portfolio ranges from allergy to oncology, both companies can capitalize on the notable synergies that exist between our organizations. I believe this strategic partnership will bring a great deal of depth to our Specialty Pharmaceutical business." Dr. Carlo went on to say, "When combined with our recently announced acquisition of three novel cancer compounds and a $10 million private placement, we are now poised to make significant progress and advance both the Specialty Pharmaceuticals and Cancer Therapeutics sides of our business."
Some of the milestones that investors can look forward to the company announcing over the next few months include:
- publication and announcement of the completion of a successful Phase III trial;
- completing the license for an important cancer vaccine platform technology;
- filing an IND for a Phase II prostate cancer vaccine trial; and
- filing an IND for a Phase I/IIa prostate cancer trial.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals is a specialty pharmaceuticals company. Adamis is focused on the development of patented, proprietary technologies for the treatment of human prostate cancer, and on the development of novel preventative and therapeutic vaccine products for indications such as influenza, hepatitis B and C virus, human papilloma virus, and prostate cancer. The company also has products and product candidates in the allergy and respiratory therapeutic area.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future results of operations or future financial performance, including, but not limited to the following statements: the company's ability to achieve the milestones and satisfy the other closing conditions set forth in the purchase agreement as conditions for investment of the remaining amounts under the common stock purchase agreement; whether the company will successfully conclude discussions and enter into a definitive manufacturing and supply agreement relating to additional potential specialty pharmaceutical products; the company's ability to enter into a definitive manufacturing and supply agreement; the completion of additional agreements to in-license technology; the company's beliefs concerning the safety and effectiveness of the compounds and drug product candidates described in this press release; the commencement of any future clinical trials; the results of any future clinical trials that the company may conduct; the adequacy of the funding obtained in the private placement transaction described in this press release; the company's ability to fund future product development; future revenues expected from any of the licensed compounds, assuming that they are developed and approved for marketing by the FDA and other regulatory authorities; future revenues from the company's other products; the ability to acquire other compounds and product candidates; and the intellectual property protection that may be afforded by any patents or patent applications relating to the licensed compounds. Statements in this press release concerning future milestone events depend on several factors beyond the company's control, including receipt of adequate funding to support these activities. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Adamis' actual results to be materially different from these forward-looking statements. Certain of these risks, uncertainties, and other factors are described in greater detail in Adamis' filings from time to time with the SEC, which Adamis strongly urges you to read and consider, all of which are available free of charge on the SEC's web site at http://www.sec.gov. Adamis expressly disclaims any intent to update any forward-looking statements.