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Adamis Pharmaceuticals Announces 2020 Financial Results

Adamis Pharmaceuticals Corporation is a biopharmaceutical company that develops and commercializes speciality products. Those products are used for respiratory disease, allergy and opioid overdose. The biopharmaceutical company announces its financial results for the year ended December 31, 2020, and provided a business update.

Adamis Pharmaceuticals total revenue for December 31, 2020, and 2019 were $16.5 million and $22.1 million, respectively. The total revenue decrease was primarily attributable to a decline in sales of products by USC. This decline is due to restrictions and limitations on outpatient surgery and other medical procedures caused by the COVID-19 pandemic, and related impacts of the pandemic on sales and marketing efforts.The firm’s Selling, general and administrative expenses for the years ending December 31, 2020, and 2019 were approximately $30.6 million and $25.3 million, respectively. This increase was due to the $7.9 million contingent liability related to the Nephron litigation, offset by the decreases in selling expenses at USC.

The expenses for the Research and development were approximately $8.3 million and $10.4 million for the years ended December 31, 2020, and 2019, respectively. The decrease in the expense was due to a decrease in development expense for the company’s pipeline candidates.Adamis Pharmaceuticals Cash and equivalents at the end of the year were approximately $6.9 million. In January and February 2021, the company received approximately $5.9 million and $48.6 million from the exercise of warrants and an equity financing transaction, respectively.

The company’s SYMJEPI Injection products are approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis’ naloxone injection product candidate, ZIMHI, for the treatment of opioid overdose, is currently under FDA review.  The firm is developing additional products which can be used for the treatments of acute respiratory diseases, such as COVID-19, influenza, asthma, and COPD.

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