Adamis Pharmaceuticals Corporation has announced the completion of its merger with DMK Pharmaceuticals Corporation. The combined company will focus on increasing sales of Adamis’ commercial products and advancing DMK’s lead clinical stage compound, DPI-125, for the treatment of opioid use disorder. Ebrahim Versi, the CEO of DMK, has been named CEO of Adamis and Chairman of the Board. The company aims to make ZIMHI its flagship product for reversing fentanyl overdoses and develop DPI-125 as a novel treatment for opioid use disorder. The merger transaction involved the issuance of common stock and Series E Convertible Preferred Stock to the former shareholders of DMK.
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP), a commercial-stage biopharmaceutical company, today announced the closing of its merger with DMK Pharmaceuticals Corporation.
The combined, publicly traded company will focus its efforts on increasing sales of Adamis’ commercial products and advancing DMK’s lead clinical stage compound, DPI-125, which is being studied as a potential novel treatment for opioid use disorder (OUD). The common stock of Adamis will continue to trade on the Nasdaq Capital Market under the ticker symbol “ADMP”.
At the close of the merger, Ebrahim Versi, CEO of DMK, was named CEO of Adamis and Chairman of the Board of Directors. Dr. Versi stated, “We are very excited about this merger, as I believe that the combined company will make a significant contribution to saving and improving the lives of people suffering from opioid use disorder. Too many lives are cut far too short and families are devastated by this disease and we need to act urgently to reverse this epidemic. ZIMHI, I believe, is the most effective naloxone medicine to reverse fentanyl overdoses and my goal will be to make this our flagship product and to build on that with our novel first-in-class compound, DPI-125. Not only does it have the potential to treat patients with opioid use disorder but also, I believe, to prevent it when used as a potent analgesic, thus obviating the need for use of opiates. The global opioid market in 2021 was reported as being greater than $22 billion. Given the differentiated profiles of these agents, along with our large portfolio of novel compounds, I see a bright future for the company.”
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Preceding the closing of the merger, on May 22, 2023, Adamis effected a 1-for-70 reverse stock split of all of its issued and outstanding shares of common stock. All outstanding options, restricted stock unit awards, and warrants were proportionately adjusted, pursuant to their respective terms. Pursuant to the terms of the merger transaction, Adamis issued shares of common stock and Series E Convertible Preferred Stock to the former shareholders of DMK. Upon completion of the merger, taking into consideration the reverse stock split, Adamis has approximately 2,662,632 shares of common stock outstanding, excluding options, RSUs, warrants and convertible securities.
Management and Organization
In connection with the merger, Dr. Versi assumed the role of CEO and Chairman of the Board, and David J. Marguglio, previously Chief Executive Officer of Adamis, will assume the role of President and Chief Operating Officer of the combined company. Dr. Versi and DMK board member Jannine Versi, have been appointed to the Board and join the pre-merger Adamis directors Howard C. Birndorf, Meera J. Desai, PhD, and Vickie Reed as the new Board of the combined company. Adamis Chairman, Richard C. Williams, and Mr. Marguglio resigned their prior director roles in connection with the closing of the merger.
Source: BioSpace
