Adamis Pharmaceuticals Announces Production of Additional Drugs by its US Compounding Subsidiary to Aid in the COVID-19 Pandemic
SAN DIEGO, April 21, 2020 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced that its wholly owned drug outsourcing facility, US Compounding Inc. (USC), has increased its product mix to provide additional drugs to assist in the ongoing fight against COVID-19. Due to this pandemic, the U.S. Food and Drug Administration (FDA) has allowed outsourcing facilities to compound certain medications that are in short supply, but not listed on FDA’s Drug Shortage List. USC has begun manufacturing a variety of these pharmaceutical products, many of which may be used to treat acutely ill COVID-19 patients.
Dr. Dennis J. Carlo, President and Chief Executive Officer of Adamis stated, “As the impact of this pandemic has grown, essential drugs needed to treat COVID-19 patients have become in short supply. In order to assist in making some of these products available, we have expanded and re-directed some of our manufacturing efforts in order to supply these drugs to those patients in need. We are 100% committed to do our part and assist in any way we can to help and alleviate the pain, suffering and anxiety that is occurring during these challenging times.”
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including respiratory disease, allergy and opioid overdose. The company’s SYMJEPI (epinephrine) Injection 0.3mg and SYMJEPI (epinephrine) Injection 0.15mg products were approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. In July 2019, Sandoz, a division of Novartis Group, announced it had fully launched both in the U.S. Please refer to www.SYMJEPI.com for additional product information. Adamis is developing additional products, including a naloxone injection product candidate, ZIMHI, for the treatment of opioid overdose, and a metered dose inhaler and dry powder inhaler product candidates for the treatment of asthma and COPD. The company’s subsidiary, U.S. Compounding, Inc., compounds sterile prescription drugs, and certain nonsterile drugs for use by hospitals, clinics and surgery centers throughout most of the United States.
Adamis Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future development and/or otherwise are not statements of historical fact. These statements relate to future events or future results of operations, including, but not limited to the following statements: the existence of drugs that are in short supply from time to time; the impact of the recent COVID-19 outbreak and overall economic outlook on the company’s present and future operations, employees, suppliers, supply chain, manufacturers and commercial partners; USC’s ability to manufacture and supply products that are in short supply; the company's beliefs concerning the ability of its product candidates to compete successfully in the market; statements about strategies, objectives and future goals and achievements; guidance regarding future periods; and other statements concerning our future operations and 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. There can be no assurance regarding future demand for any products supplied by USC, USC’s continued ability to supply such products, or any future revenues derived from sales of such products. In addition, forward-looking statements concerning our anticipated future activities assume that we are able to obtain sufficient funding to support such activities and continue our operations and planned activities. As discussed in our filings with the Securities and Exchange Commission, we may require additional funding, and there are no assurances that such funding will be available if required. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as may be required by applicable law, we undertake no obligation to update or release publicly the results of any revisions to these forward-looking statements or to reflect events or circumstances arising after the date of this press release. Certain of these risks, uncertainties, and other factors are described in greater detail in Adamis’ filings from time to time with the SEC, including its annual report on Form 10-K for the year ended December 31, 2019, and our subsequent filings 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. Except to the extent required by law, any forward-looking statements in this press release speak only as the date of this press release, and Adamis expressly disclaims any obligation to update any forward-looking statements.
Senior Director, Investor Relations
& Corporate Communications
Adamis Pharmaceuticals Corporation