Adamis Pharma To Explore Strategic Alternatives; Stock Up 10%

(RTTNews) - Shares of Adamis Pharmaceuticals Corporation (ADMP) gained over 10% in extended trading hours on Monday after the company announced that it has initiated a process to explore a range of strategic and financing alternatives focused on maximizing stockholder value.

Adamis Pharmaceuticals is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease. The company recently announced halting of its phase 2/3 clinical trial examining the effects of Tempol in high risk subjects with early COVID-19 infection.

Adamis said that potential alternatives that may be explored or evaluated include a partnership or sale of one or both of the company's commercial products SYMJEPI and ZIMHI, a merger, sale, or reverse merger of the company, and/or seeking additional financing.

ADMP closed Monday's trading at $0.1651, down $0.0334 or 16.83%, on the Nasdaq. The stock, however, gained $0.0179 or 10.8419% in the after-hours trading.