Adamis announces merger four months after PhII/III miss
28 Feb 2023
Executive ChangeAcquisition
In a bid to stay afloat, Adamis Pharmaceuticals will merge with DMK Pharmaceuticals. The merger comes just
four months
after its stock crashed following a Phase II/III trial failure. The company said it was looking at other options, including bankruptcy protection.
The current CEO of DMK, Eboo Versi, will take over as CEO of the combined company once the deal is completed.
“I believe by combining Adamis’ commercial products and development infrastructure with DMK’s clinical-stage programs and library of small molecules, under Dr. Versi’s leadership, the new company will have the potential to develop multiple groundbreaking treatments and ultimately grow shareholder value,” David Marguglio, CEO of Adamis,
said in a statement
.
Until now, DMK’s work has been “largely” financed by non-dilutive funding from the government, according to a press release, with a focus on treatments for opioid use disorder, like its lead clinical stage product candidate, DPI-125.
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