Shares in Adamis Pharmaceuticals Corp (NASDAQ:ADMP) soared Thursday after the biotech said its partner Sandoz Inc launched a SYMJEPI (epinephrine) 0.3 mg injection in the United States for the emergency treatment of allergic reactions (Type 1), including anaphylaxis.
Sandoz is launching the medicine as an affordable, single-dose, pre-filled syringe alternative to epinephrine auto-injectors. The Symjepi injector is a competitor of Mylan NV's (NASDAQ:MYL) well-known EpiPen product.
Adamis stock shot up 9.13% to $2.87 in the premarket trading session.
READ: Adamis Pharmaceuticals shares skyrocket on news of Novartis distribution deal for anaphylaxis product
SYMJEPI will be rolled out via a phased launch and will initially be available in the institutional setting, an established channel where Sandoz has significant experience followed by a rollout in the retail market. Sandoz will distribute and sell the 0.3 and 0.15 mg versions of Symjepi, said Adamis.
“Both Symjepi 0.3 mg and Symjepi 0.15 mg products stem from Adamis’ commitment to develop and provide high quality, affordable treatment options to patients. With recent news of epinephrine product shortages in the US, we worked together with Sandoz in getting this potentially life-saving quality product into the market,” said Adamis Pharmaceuticals CEO Dennis J Carlo.
The CEO said Adamis was excited to work with Sandoz and expected a successful launch.
San Diego, California-based Adamis Pharmaceuticals is a specialty biotech focused on developing products for tackling respiratory disease and allergy.
It is also developing a sublingual tadalafil product for the treatment of erectile dysfunction, a naloxone injection for treating an opioid overdose, and a metered dose inhaler and dry powder inhaler for helping asthma patients.
Contact Uttara Choudhury at [email protected]