Adamis Pharmaceuticals Closes Merger with DMK Pharmaceuticals

Adamis Pharmaceuticals announced the closing of its merger with DMK Pharmaceuticals on May 25, 2023.

The focus for the closing is the effort to increase sales of Adamis’s commercial products and advancing DMK’s lead clinical stage compound, DPI-125, which is being studied as a potential novel treatment for opioid use disorder (OUD). Further, the stock of Adamis will continue to trade on the Nasdaq Capital Market under the ticker symbol “ADMP.” In addition, Ebrahim Versi, CEO of DMK, was named CEO and Adamis and chairman of the Board of Directors at the close of the merger.

“We are very excited about this merger, as I believe that the combined company will make a significant contribution to saving and improving the lives of people suffering from opioid use disorder,” said Versi in the press release. “Too many lives are cut far too short, and families are devastated by this disease, and we need to act urgently to reverse this epidemic. ZIMHI, I believe, is the most effective naloxone medicine to reverse fentanyl overdoses and my goal will be to make this our flagship product and to build on that with our novel first-in-class compound, DPI-125. Not only does it have the potential to treat patients with opioid use disorder but also, I believe, to prevent it when used as a potent analgesic, thus obviating the need for use of opiates. The global opioid market in 2021 was reported as being greater than $22 billion. Given the differentiated profiles of these agents, along with our large portfolio of novel compounds, I see a bright future for the company.”

In preparation of the closing of the merger, which happened on May 22, 2023, Adamis effected a 1-for-70 reverse stock split of all its issued and outstanding shares of common stock. Further, all outstanding options, restricted stock unit awards, and warrants were proportionately adjusted, following their respective terms.

Source: Adamis Pharmaceuticals Corporation