Adamis Pharmaceuticals Corp. began trading on the Nasdaq on Dec. 13, pricing its $22 million secondary public offering at $5.95 per share.
Adamis (Nasdaq: ADMP) uplisted from the over-the-counter markets following a 1-for-17 reverse stock split of its common stock — releasing 3.7 million shares.
Adamis said it plans to use $7 million of the net proceeds to complete the Aug. 1 purchase of an asthma inhaler technology from 3M Co.
Adamis initially licensed 3M’s (NYSE: MMM) Taper Dry Powder Inhaler for $3 million. The Taper DPI can also be used to treat chronic obstructive pulmonary disease. The company said it wants to use the new technology provide a branded generic alternative to the top-selling asthma medication on the market, Advair Diskus by GlaxoSmithKline PLC (NYSE: GSK).
An additional $7.2 million will be used to pay back debt that was issued in a private placement in June 2013, it said in a regulatory filing.
Adamis said the remaining proceeds will be used to fund clinical trials and for general corporate purposes, as well as fund the filing and launch of its epinephrine injection – a generic version of the EpiPen.
Adamis had initially filed for a $25 million public offering.