Adamis Pharmaceuticals Provides Update on SYMJEPI Products
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) announced that US WorldMeds (USWM) has begun promoting its SYMJEPI® (epinephrine) Injection products as of July 1, 2020. This follows the termination agreement with Sandoz Inc. and a new exclusive distribution agreement with USWM. USWM plans to implement a robust marketing strategy targeting allergists and primary care physicians to enhance sales of SYMJEPI. Additionally, a transition services agreement is in place to ensure a smooth transfer of commercial rights and minimize disruption for patients and customers.
- US WorldMeds began promoting SYMJEPI products, indicating strong sales efforts.
- The transition services agreement aims to minimize market disruption during the transfer of rights.
- Success of commercialization efforts by US WorldMeds remains uncertain.
- Adamis may require additional funding to support ongoing operations and activities.
SAN DIEGO, July 01, 2020 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced that, on July 1, 2020, USWM, LLC (“USWM” or “US WorldMeds”) began promoting Adamis’ SYMJEPI ® (epinephrine) Injection 0.3mg and SYMJEPI ® (epinephrine) Injection 0.15mg products through its field sales force. As contemplated by the previously announced termination agreement between Adamis and Sandoz Inc., and the previously announced exclusive distribution and commercialization agreement between Adamis and USWM, USWM has been actively promoting SYMJEPI while preparing to launch through its field sales force. Adamis has also entered into a transition services agreement with Sandoz and USWM, which is intended to minimize any potential impact to patients and customers during the transfer of commercial rights regarding the SYMJEPI products from Sandoz to US WorldMeds.
Dr. Dennis J. Carlo, President and CEO of Adamis, said, “We are very excited that US WorldMeds is now actively promoting both SYMJEPI products. Adamis has always believed that sales reps calling on high-prescribing allergists and primary care physicians was key to the success of SYMJEPI. I am very pleased those efforts are underway and I believe the US WorldMeds commercial infrastructure, combined with their expertise in acquiring and turning around underperforming assets from larger pharmaceuticals companies, bodes well for finally realizing the value of SYMJEPI in the market.”
P. Breckinridge Jones, Sr., CEO of US WorldMeds, added, “We have great expectations for SYMJEPI, and we plan to commit significant sales and marketing resources to leverage our commercial effort. SYMJEPI provides a unique alternative in the established epinephrine market, one which we believe will benefit from our enhanced focus. US WorldMeds is working closely with Sandoz to minimize market disruption while we increase our commercial and distribution efforts. We expect to complete the full transition from Sandoz during the third quarter of 2020.”
About the SYMJEPI Products
SYMJEPI ® (epinephrine) Injection 0.3mg and SYMJEPI ® (epinephrine) Injection 0.15mg products are approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. In July 2018, Adamis licensed commercial rights for the U.S. to Sandoz Inc. On May 11, 2020, Adamis announced it was reacquiring commercial rights from Sandoz and entering into an exclusive distribution and commercialization agreement with US WorldMeds. Please refer to www.SYMJEPI.com for additional product information.
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. 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.
About US WorldMeds
US WorldMeds is a privately held specialty pharmaceutical company that develops, licenses, and markets unique healthcare products designed to improve the lives of patients with challenging conditions and unmet medical needs. US WorldMeds has built a branded product portfolio in the therapeutic areas of addiction medicine, malignant hyperthermia, and central nervous system (CNS). In May 2020, the company acquired commercial rights to Adamis’ SYMJEPI products in the U.S. market. On June 9, 2020, US WorldMeds completed the sale of its CNS division to Supernus Pharmaceuticals, Inc. More information on US WorldMeds can be found at USWorldMeds.com.
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 outcome of transition services to be provided by Sandoz pursuant to the transition services agreement; the success of commercialization efforts by US WorldMeds regarding the SYMJEPI products; and other statements concerning our future operations and activities. 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 are only predictions, are not guarantees, involve known and unknown risks, uncertainties and other factors, and concern matters that could subsequently differ materially from those described in this press release, which may cause Adamis’ actual results to be materially different from those contemplated by these forward-looking statements. 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. 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, and additional risks, uncertainties, and other factors are described in greater detail in our filings from time to time with the SEC, including our 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.
Contact Adamis:
Mark Flather
Senior Director, Investor Relations
& Corporate Communications
(858) 412-7951
mflather@adamispharma.com
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