A definitive merger agreement providing for the acquisition of La Jolla Pharmaceutical Company has been put into place by Adamis Pharmaceuticals. Each of the 46 million outstanding share of Adamis common stock will be converted into the right to receive one (post-reverse stock split) share of La Jolla common stock at the effective time of the merger. Adamis expects that after the closing of the merger, the persons who were La Jolla stockholders before the merger could hold approximately 5% - 30% of the outstanding shares of the combined company.
Dr. Deirdre Y. Gillespie, La Jolla’s CEO, stated, “The merger of La Jolla and Adamis will create a new specialty pharmaceutical company focused on the development and commercialization of therapeutic products for a variety of viral diseases, including hepatitis and influenza. We like the fact that in addition to the prefilled epinephrine syringe, Adamis has a pipeline including products for allergic rhinitis, asthma, and chronic obstructive pulmonary disease. We think Adamis is very unique in that it already has a product on the market and is expected to be profitable in the near-term.”
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About Adamis Pharmaceuticals
Adamis Pharmaceuticals has two wholly owned subsidiaries, Adamis Laboratories and Adamis Viral Therapies. Adamis Labs expects to launch a series of niche prescription products in the allergy and respiratory therapeutic area, beginning with the Epinephrine Injection USP 1:1000 (0.3mg Pre-Filled Single Dose Syringe) product. Adamis Viral Therapies is focused on the development of patented, proprietary vaccine technology that Adamis believes may have the capability of generating a broad-based immunity for both B Cells (antibody) and T cells (cell mediated immunity). If successful, Adamis’ technology could lead to the development of new vaccines against a multitude of viruses, including chronic hepatitis and all forms of influenza. Shoreline Pacific has acted in an advisory role to Adamis during this transaction.
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