San Diego Business Journal

Adamis Pharmaceuticals files for $25 million secondary offering

By Meghana Keshavan Originally published November 20, 2013 at 4:32 p.m., updated November 22, 2013 at 8:59 a.m.

Adamis Pharmaceuticals Corp., a San Diego company developing treatments for asthma, has filed for a $25 million secondary public offering.

About $7 million of the new funding will be used to complete the Aug. 1 purchase of an asthma inhaler technology from 3M Co.

Adamis (OTC: ADMP) 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).

Meanwhile, Adamis has applied to uplist to the Nasdaq, and its stockholders have approved a proposal for a reverse stock split, the company also said in its filing.

Stock for the small biotech closed on Nov. 20 at 22 cents per share, with a market capitalization of $23.1 million. It began the year trading at 71 cents per share.