La Jolla Pharmaceutical, Del Mar-area Adamis merge
Dec 7, 2009 By City News Service
La Jolla Pharmaceutical Co. and Del Mar Heights-based Adamis Pharmaceuticals Corp. announced Monday they have entered into a merger agreement that will leave Adamis running the combined entity.
According to La Jolla Pharmaceuticals, it will have between $2.5 million and $3 million of net cash at the closing of the transaction, after accounting for all liabilities and transaction-related expenses. The company did not immediately estimate when the merger would be completed.
Once it is complete, the new company will be named Adamis Pharmaceuticals Corp. and will be based in San Diego. It will focus on the development and commercialization of therapeutic products for a variety of viral diseases, including hepatitis and influenza, according to La Jolla Pharmaceutical.
Adamis' latest product is a pre-filled Epinephrine syringe launched in July.
"This merger is a strategic move to raise additional capital to enable increased marketing and sales efforts in support of our prefilled epinephrine syringe product, which we recently launched," Adamis Chief Executive Officer Dennis Carlo said in a statement.
Carlo will serve as the chief executive officer of the combined company.
"We found the Adamis opportunity compelling given that, in addition to the prefilled epinephrine syringe, Adamis has a pipeline including products for allergic rhinitis, asthma, and chronic obstructive pulmonary disease," said La Jolla CEO Deirdre Y. Gillespie in a statement.
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