Adamis Pharmaceuticals Announces License to Commercialize Tempol, a Novel Investigational Anti-inflammatory and Antioxidant Drug for the Treatment of Respiratory Diseases Including COVID-19

SAN DIEGO, June 15, 2020 (GLOBE NEWSWIRE) -- Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) (“Adamis”) announced today a license  to commercialize Tempol, a novel patented investigational drug for the treatment of Coronavirus (COVID-19).  The license includes the worldwide use of Tempol for the treatment of all respiratory diseases including asthma, respiratory syncytial virus, influenza and COVID-19.  In addition, the exclusive license includes the use of Tempol for reducing radiation dermatitis in patients undergoing treatment for cancer.  A phase 2 radiation dermatitis clinical study has already been successfully completed, as well as discussions with FDA regarding the design of a pivotal phase 3 study. The license was obtained from Matrix Biomed. 

In consideration for Matrix providing the exclusive rights under its patent rights and related know-how relating to Tempol within the licensed fields, Adamis paid Matrix $250,000 following signing of the definitive agreement.  Adamis will also issue to Matrix 1,000,000 shares of Adamis convertible preferred stock, which will be convertible into an equal number of shares of common stock after and contingent on an increase in the number of available authorized shares of common stock under the company’s restated certificate of incorporation.  Under the agreement, if any products are commercialized, net profits will be equally distributed between the parties.

Coronavirus disease [Novel Coronavirus Disease (COVID-19), a human betacoronavirus] represents a global health problem.  Just within the U.S., the American Hospital Association estimates that the financial impact in losses for America’s hospital and health care systems could exceed 200 billion dollars by mid-2020.  Therefore, identification of new drugs and biologics for treating COVID-19 infection is urgently needed.  Most common symptoms at onset include fever, cough, sore throat, sneezing, rhinorrhoea (runny nose) and fatigue.  In severe cases, this can progress to pneumonia, acute respiratory distress syndrome (ARDS), acute cardiac injury and eventually death.  ARDS occurs when there is damage to the lungs resulting in fluid accumulation in the small air sacs of the lungs.  This fluid causes a decrease in the oxygen supply to vital organs which can eventually lead to death.