On Tuesday, July 26, 2011 Adamis Pharmaceuticals Corp (OTC:ADMP) received $550,000 in July which comprises one half of the milestone payment, the other half of which was received in June as per the amended agreement of the company. The payments represent the first set of milestones which has been achieved.
The above mentioned agreement was entered into by the company in November 2010, according to which an investor was permitted to purchase $10 million of the common stock priced at $.25 million per share. The investor procured $5 million in November 2010 and two subsequent closings of $2.5 million each was provided as per the agreement subjected to the achievement of certain milestones. The twin set of milestones is basically associated with the company’s telomerase prostate cancer technology and to the Company’s APC-100 prostate cancer product candidate.
Dr. Dennis J. Carlo, President and CEO of Adamis acknowledged that the company’s endeavour is to enhance the marketing of both its specialty pharmaceutical drugs and clinical prostate cancer programs by utilizing the milestone payments. The products are targeted for asthma, chronic obstructive pulmonary disease, and allergic rhinitis. The company aims to accomplish the developmental work for two of the three products within the calendar year. The manufactured products are aimed to be forwarded to Beximco, their manufacturing partner.
The balance of the first milestone payment amounting to $1,400,000 is scheduled to be made on or before September 29, 2011.as per the agreement the date for achieving the second set of milestone is December 31, 2011.The conditions of the milestone pertaining to the second $2.5 million milestone closing in advance of the scheduled date is affirmed by the company.
Shares of ADMP jumped 10% to $0.28 on over 100K shares.
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