2023-08-01 11:59:24 ET
Shares of tiny Adamis Pharmaceuticals ( NASDAQ: ADMP ) rocketed as high as 480% early Tuesday in the wake of news that it had sold certain assets related to its shuttered pharmacy compounding business and was funding testing comparing its drug ZIMHI with Narcan in the treatment of fentanyl overdoses.
Adamis shares were up 280% at $5.50 at around 11:40 a.m. ET after hitting a high of $8.28 earlier in the day.
Late Friday, Adamis said in an SEC filing that it had sold the land, building and certain intellectual property assets related to its discontinued compounding business to FarmaKeio Pharmacy Network for around $2M.
Separately on Friday, the biotech company announced that it was funding research at Leiden University Medical Center to assess the effectiveness of its drug ZIMHI versus intranasal naloxone, also known as Narcan, in the treatment of fentanyl-induced respiratory depression.
Last week, the company said in a filing that it was planning to offer up to 5.3M units priced at $1.90 per unit. Each unit would consist of one share plus one warrant to buy one share.
Adamis merged with DMK Pharmaceuticals in May after conducting a review of strategic alternatives for the company. The drug developer announced the strategic review in October 2022, stating that if it couldn't secure a transaction, it might be forced to declare bankruptcy.
In late September 2022, Adamis shares tumbled after the company said its drug Tempol failed a Phase 2/3 study that evaluated the product in the treatment of early-stage COVID-19.
More on Adamis:
Adamis Pharma slips 19% on plans for reverse stock slip
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Adamis stock soars as high as 480% amid asset sale, drug study news