Adamas trading below IPO price

In yet another example of the recent struggles of biotechs, recent IPO Adamas Pharmaceutics (ADMS +2.8%) exchanges hands for $13.40/share, down 16% from its initial price of $16 and down 22% from its opening day high of $17.24.

The company generates its revenues from collaboration and licensing deals but has two compounds in development that it plans to sell directly.

ADS-5102 (amantadine) is a treatment for levadopa-induced dyskinesia, a movement disorder in Parkinson's sufferers after long term exposure to levadopa. A Phase 3 clinical trial will start this year. The company forecasts its NDA submission to happen in the first half of 2016.

ADA-8704 is a once-daily combination of Namenda XR (memantine HCL) and donepezil HCL for moderate to severe dementia in Alzheimer's patients. The NDA has been submitted to the FDA triggering a $40M milestone payment from partner Forest Labs (FRX +0.1%).

Revenues for 2012 and 2013 were $37.5M and $71.1M, respectively.

Net income was $17.7M and $50.9M, respectively.

CF Ops was $52M and $26.8M, respectively.


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