- The stock price of Adamis Pharmaceuticals Corp (NASDAQ: ADMP) increased from $0.76 to $1.07 (up 40.07%). This is why it happened.
The stock price of Adamis Pharmaceuticals Corp (NASDAQ: ADMP) increased from $0.76 to $1.07 (up 40.07%). Investors appear to be responding positively to the U.S. Food and Drug Administration announcing the approval of a higher dose of naloxone hydrochloride nasal spray for the treatment of opioid overdose. Even though the FDA approval happened a few days ago, it appears that this news started to spread on stock trading forums recently.
Last month, Adamis Pharmaceuticals had provided an update on the status of the company’s New Drug Application (NDA) relating to its ZIMHI high-dose naloxone injection product intended for the treatment of opioid overdose. The company had a Type A meeting with the U.S. Food and Drug Administration (FDA) for reviewing comments on the additional information provided by the company in response to the FDA’s previous Complete Response Letter (CRL) regarding the NDA, and also to obtain input from the agency concerning the resubmission of the NDA.
And Adamis believed the meeting was productive and planned to resubmit the NDA for ZIMHI to the FDA shortly after that, absent unexpected delays. The FDA did not provide a detailed timeline for review, but the agency indicated that it would attempt to work in an expeditious manner, acknowledging that the country is in an opioid crisis.
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