SAN DIEGO, CA--(Marketwired - Jan 7, 2014) - Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) announced today that at a closing held on December 27, 2013, it made a final payment of $7 million to fully acquire from 3M Company and 3M Innovative Properties Company certain intellectual property and assets relating to 3M's Taper Dry Powder Inhaler technology under development for the treatment of asthma and chronic obstructive pulmonary disease (COPD). Adamis intends to utilize the assets initially to undertake efforts to develop a dry powder inhaler device for the treatment of asthma and COPD to deliver the same active ingredients as GlaxoSmithKline's Advair Diskus®. The intellectual property includes patents, patent applications and other intellectual property relating to the Taper assets.
As has previously been reported, on August 1, 2013, Adamis made an initial payment to 3M of $3 million and obtained an exclusive worldwide license to the assets and intellectual property in all indications in the dry powder inhalation field through December 31, 2013. The agreement provided that upon a subsequent closing payment by Adamis of an additional $7 million before December 31, 2013, and satisfaction of other customary closing conditions, ownership of the assets and intellectual property would be transferred to Adamis, with Adamis granting back to 3M a license to the intellectual property assets outside of the dry powder inhalation field.
About Adamis Pharmaceuticals Corporation
Adamis Pharmaceuticals Corporation is a biopharmaceutical company engaged in the development and commercialization of specialty pharmaceutical and biotechnology products in the therapeutic areas of respiratory disease, allergy, oncology and immunology. Adamis' current specialty pharmaceutical product candidates include the Epinephrine Injection PFS syringe product for use in the emergency treatment of anaphylaxis, APC-1000 and APC-5000 for the treatment of asthma and chronic obstructive pulmonary disease, and APC-3000, an HFA inhaled nasal steroid product for the treatment of allergic rhinitis. The company's vaccine product candidates and cancer drug product candidates under research and development include TeloB-VAX, a cell-based therapeutic cancer vaccine and three drugs, APC-100, APC-200, and APC-300, for the treatment of prostate cancer.