Health & Fitness
Health and Fitness
Health and Fitness
Wed, July 27, 2011
Tue, July 26, 2011 
SAN DIEGO--([ BUSINESS WIRE ])--[ Adamis Pharmaceuticals Corporation ] (OTCBB: ADMP) previously entered into a common stock purchase agreement in November 2010 to allow an investor to purchase $10 million of common stock at $.25 per share. The investor purchased $5 million in November 2010 and the agreement provided for two subsequent closings of $2.5 million each if certain milestones have been achieved. The two sets of milestones primarily relate to our telomerase prostate cancer technology and to the Companya™s APC-100 prostate cancer product candidate.
The first set of milestones has been achieved and under the agreement as amended, the company received $550,000 of the milestone payment in June and now has received $550,000 in July. The agreement provides that the $1,400,000 balance of the first milestone payment will be made on or before September 29, 2011. Under the agreement, the outside date for achievement of the second set of milestones is December 31, 2011. The Company currently believes that it will achieve the milestone conditions relating to the second $2.5 million milestone closing in advance of that date.
Dr. Dennis J. Carlo, President and CEO of Adamis stated, aThe milestone payments will permit the Company to continue to move both our specialty pharmaceutical drugs and our clinical prostate cancer programs forward. On the specialty pharmaceutical side, the developmental work should be completed for two of the three products before the end of the calendar year. The developmental work includes the completion of the components and formulation required to advance the products to our manufacturing partner, Beximco. These products are indicated for asthma, chronic obstructive pulmonary disease, and allergic rhinitis. On the therapeutics side of the business, the additional funds permit us to move APC-100 into a Phase 1/2a clinical study and our prostate vaccine into a Phase 2 study.a
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 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; and the intellectual property protection that may be afforded by any patents or patent applications relating to the licensed technology. Statements in this press release concerning future milestone events depend on several factors beyond the companya™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 Adamisa™ 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 Adamisa™ 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 SECa™s web site at [ http://www.sec.gov ]. Adamis expressly disclaims any intent to update any forward-looking statements.
