Adamis Pharmaceuticals Corp (NASDAQ:ADMP) announced the submission of an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) to begin testing the drug compound naloxone in human patients. Adamis intends to develop a naloxone injection product candidate utilizing the same patented SymjectTM syringe drug delivery platform used in Adamis’ approved SymjepiTM product, which is an epinephrine injection drug/device combination for the emergency treatment of acute allergic reactions including anaphylaxis.
Naloxone is an opioid antagonist used to treat narcotic overdoses. Naloxone, which is generally considered the drug of choice for immediate administration for opioid overdose, blocks or reverses the effects of the opioid, including extreme drowsiness, slowed breathing, or loss of consciousness. Common opioids include morphine, heroin, tramadol, oxycodone, hydrocodone and fentanyl.
According to statistics published by the Centers for Disease Control and Prevention (CDC), in 2016, drug overdoses resulted in approximately 64,000 deaths in the United States – greater than 175 deaths per day. Drug overdoses are now the leading cause of death for Americans under 50 and the proliferation of more powerful synthetic opioids, like fentanyl and its analogues, could result in future increases in the number of deaths resulting from opioid overdoses. The current epidemic of drug overdoses is killing people at a faster rate than the HIV epidemic at its peak.
Dr. Dennis J. Carlo, President and CEO of Adamis, stated, “Since FDA approval of our Symjepi product, we have considered other drug candidates for use with our Symject syringe injection platform. We determined to pursue an IND for naloxone due to the worsening opioid crisis. With the rapid increase in fentanyl related deaths and the persistence of widespread opioid addiction, we believe that there is a need for additional treatment options to help combat this crisis. We are excited to be moving forward with naloxone and will continue to assess additional compounds for possible use with our injection platform.”
Shares of Adamis Pharmaceuticals closed today at $4.00, down $0.05 or -1.23%. ADMP has a 1-year high of $6.45 and a 1-year low of $2.55. The stock’s 50-day moving average is $4.71 and its 200-day moving average is $4.86.
On the ratings front, ADMP stock has been the subject of a number of recent research reports. In a report issued on November 30, B.Riley FBR analyst Andrew D’silva maintained a Buy rating on ADMP, with a price target of $9.50, which implies an upside of 138% from current levels. On November 15, Raymond James’ Elliot Wilbur maintained a Buy rating on the stock and has a price target of $7.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew D’silva and Elliot Wilbur have a yearly average return of 9.0% and 11.1% respectively. D’silva has a success rate of 59% and is ranked #1451 out of 4739 analysts, while Wilbur has a success rate of 57% and is ranked #606.
Adamis Pharmaceuticals is a biopharmaceutical company engages in the provision of medical development. Its activities include the combination of pharmaceuticals and biotechnology to produce medicines for patients, and physicians. It focuses on products such as inhaler technology in the field of allergy and respiratory diseases.