Adamis Announces Agreement to Sell Portion of US Compounding Business

Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) today announced that it has entered into a definitive agreement to sell a significant portion of the assets of its subsidiary, US Compounding Inc. (USC), related to USC's human compounding pharmaceutical business and customers, in exchange for total gross consideration estimated to be up to $15 million before transaction fees and expenses. The consideration will be paid by the buyer to Adamis in monthly installments over the course of approximately 12 months based on a multiple of gross revenue generated by the assets during the measurement period.

The transaction aligns with Adamis' stated goal of focusing its efforts on the development of its prescription pharmaceutical pipeline. Adamis expects to use the proceeds from the sale for general corporate purposes and to fund ongoing development of its pipeline.

Further details related to the transaction and related matters will be contained in a report on Form 8-K to be filed by the Company within four business days of the effective date of the agreement.

About Adamis Pharmaceuticals

Adamis Pharmaceuticals Corporation is a specialty bio pharmaceuticals company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease.

The Company's SYMJEPI (epinephrine) Injection products are approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis' naloxone injection product candidate, ZIMHI, for the treatment of opioid overdose, is currently under FDA review. Adamis is developing additional products, including treatments for acute respiratory diseases, such as COVID-19, and radiation dermatitis. The company's subsidiary, USC, compounds sterile prescription drugs, and certain nonsterile drugs for human and veterinary use by hospitals, clinics, surgery centers, and vet clinics throughout most of the United States.