Published: Sat, June 17, 2017
Money | By Armando Alvarado

Adamis Pharmaceuticals Corp (ADMP) Stock Up, Then Down on Allergy Med

Adamis Pharmaceuticals Corp (ADMP) Stock Up, Then Down on Allergy Med

June 15 Adamis Pharmaceuticals on Thursday said it received USA approval for its emergency epinephrine syringes to treat severe allergic reactions that would compete with Mylan's widely used EpiPen, sending its shares up 50 percent.

Symjepi (sim-JEPP'-ee) is a syringe prefilled with the hormone epinephrine, which helps stop life-threatening allergic reactions from insect stings and bites or eating foods such as nuts and eggs.

Symjepi is a pre-filled syringe, meaning that one presses down on a plunger to give the medicine via a needle. The FDA warned that along with administration of the drug, persons with these severe allergic reactions should seek immediate medical care and more than two sequential doses of epinephrine should only be administered under direct medical supervision.

Mylan's EpiPen will soon have another lower-cost competitor to contend with.

Mylan faced severe criticism and congressional and legal investigations after it doubled the cost for a pair of EpiPens to approximately $600, angering consumers and putting it at the center of the ongoing debate over the high cost of prescription medications in the United States. It has since offered its own generic version for about $300 in response to the furor.

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Symjepi will be available at lower cost and will be available in smaller size when compared with EpiPen. Privately held Kaleo earlier this year began marketing its Auvi-Q epinephrine auto-injector.

"We plan to position the product as a lower cost alternative", Mark Flather, senior director for investor relations and corporate communications for Adamis, told Reuters.

In a release, Adamis said it's in discussions with potential partners to make sure patients have broad access to Symjepi.

Adamis shares rose $1.87, or 50 percent, to $5.65 on Nasdaq.

Shares in Adamis went up 53% following the announcement, from just under $4 to almost $6, with further gains in after-hours trading.

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