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Adamis Shows Off Symjepi's Value. Now It Needs To Close The Deal

John Engle profile picture
John Engle


  • Adamis presented the results of a human factors study on Symjepi, its FDA-approved epinephrine injector.
  • The results showed Symjepi to be highly intuitive, with high probability of successful use compared to other auto-injectors.
  • The market reacted favorably to the news, sending shares up more than 10%.
  • Investors continue to wait for a promised commercial partnership, which remains the key to a successful rollout of Symjepi to market.
  • The human factors study demonstrates Symjepi's distinctive value proposition, further reflecting its value to potential partners as a highly lucrative, low-cost alternative to the ubiquitous EpiPen.

Shares of Adamis Pharmaceuticals (ADMP) took a precipitous plunge in late February as investors' fears that partnership discussions for the commercialization of Symjepi, the company's FDA-approved epinephrine injector, had stalled - or even fallen apart completely. A timely update on February 23rd from the company's notoriously tight-lipped management team arrested that fall.

March 3rd brought further good news when Adamis presented the results of a highly successful human factors study to the joint congress of World Allergy Organization and the American Academy of Allergy, Asthma, and Immunology or AAAAI. Releasing the results to the general public via press release on March 6th, the study demonstrates Symjepi's intuitive design and ease of use, which compared highly favorably to similar studies conducted on other auto-injector models.

The human factors study represents a big step for Adamis, though the ultimate test - securing a commercial partner to market Symjepi against the market leader, Mylan's (MYL) EpiPen - has yet to be passed. That said, the human factors study gives investors further reason for optimism.

Let's take a look at the results of the study and what they mean for Adamis in both the near-term and long-term.

An Unambiguous Success

The human factors study was unambiguously successful in bearing out Adamis' claims about Symjepi's ease of use compared to other epinephrine injectors. The problems with current auto-injectors are well known and recapitulated quite succinctly in the study's introduction:

"Epinephrine remains the treatment of choice for acute anaphylaxis. However, currently available auto-injectors are costly, and studies have demonstrated human factor issues resulting in incorrect use (lacerations) as well as device failures. Correct auto-injector use has been noted to be as low as 20% in some studies."

A 20% correct usage rate is staggeringly low and has been the cause of many unnecessary deaths and long-term suffering.

This article was written by

John Engle profile picture
Investment professional specializing in deep value opportunities, growth plays, special situations (long + short) across a range of asset classes and industries.Current Role(s): President, Almington Capital Merchant Bankers; Chief Investment Officer, The Cannabis Capital Group.Asset Classes: publicly traded securities (stocks + fixed income), private equity, real estate, venture capital, cannabis, fintech.https://subscriptions.seekingalpha.com/lp_premium_beat_the_market_4/?source=affiliate:42612986Education: MA, Trinity College Dublin (economics + philosophy); Diploma (finance), London School of Economics & Political Science; MBA, University of Oxford.

Analyst’s Disclosure: I am/we are long ADMP. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (38)

16 Mar. 2018
I would like to know your opinion about the business update.
Fine-sounding words but still no facts...
Also curious on dilution risk. The 10K today read like it was imminent.
You bet it is. If anyone read this 10k they wouldn’t touch it with a 10 foot pole. As another poster put it, all talk but zero results. I would stay away from this equity.
$7.50 is a long way up though.
Issue is these analyst expectations are our in the sky figures. If you rely on them you get burned. Be careful
FBR reduced price target to $7.50 (from $9.50). Reduced chance to respiratory product success.
Stan Piland profile picture
"We also temper our expectations for ADMP's respiratory pipeline, as the additional time taken in finalizing a partnership for Symjepi could push out developmental efforts—and certainly changes working capital expectations."

As you can see, nothing is said about reduced chance of respiratory product success. In fact, the analyst's model clearly shows he pushed expected revs out a quarter or two...big difference.
trader-888 profile picture
What an horror movie this stock is. 9 MONTHS AND NOTHING. SIMPLY UNBELIEVABLE !!!!!!!!!
What's the reason for the downside today? -11% already. Profit taking after some gaining the last few days?
This usually happens before news hit.
Baidewei profile picture
They’ve been “closing the deal” for more than nine months now....
What's your thoughts about offering? Mr. John. Recent rise and tightening financial situation make the offering rumor more soundly. Always appreciate your efforts for investors.
2020 Corona profile picture
It’s pretty clear cut to me. Great product, big market, competition is bleeding, deal will be signed soon, only one way for stock to go is up. I purchased shares at 2.87 last week, already up to 4.15 with lots of runway left. Don’t listen to the losers, they will still be afraid when it is at $12 .
Wow, almost out of the hole on ADMP after last couple days.
HSAIN profile picture
The longer it takes ADMP to secure a partner ,the less likelihood of it occurring. I hope they succeed in securing one or are in deep discussion at the very least
James W. Burke profile picture
Today's news much more relevant and important.

Adamis Pharmaceuticals Announces Publication of a New Human Factors Study Comparing Its Symjepi(TM) Epinephrine Prefilled Syringe to the Market Leading Product in the Annals of Allergy, Asthma and Immunology

Here's the full text. Notice the picture comparing Symjepi size to EpiPen:

Nothing really left to say. They need to sign a deal and move on. They have wasted so much time and potential revenues while losing so much in market cap value. Management needs to get it done.
cfriend881 profile picture
J. W. B . The one thing that keeps bobbing up is AIMT an their powder !
James W. Burke profile picture
It's not just peanut allergies that can cause anaphylatic shock. Consider that EpiPen is often required when getting allergy shots in case of an allergic reaction to the allergy medicine.

One common allergy treatment is Xolair, a Genetech (Roche) and Novartis product for asthma allergy and chronic hives treatment. It's an injection that did $920M in sales in 2017. One possible side effect of Xolair is an anaphylactic reaction. Because of this, any person getting the Xolair shot is required to have an EpiPen prescription in conjunction. See the side effects on their website:
https://www.xolair.com?cid= xol_PS_MIXLCUWB0056_11... MIXLCUWB0056&dclid=CO6H4- e3tdkCFU8LDAodGYQDCg

How perfect would it be to include Symjepi with the Xolair removing the need for the separate EpiPen prescription and purchase? It would seem any way of getting Symjepi included with any other meds that could cause an anaphylactic reaction is a no brainer. I can only assume the management at ADMP is aware and pursuing this application.
muldoon1959 profile picture
Anaphylactic prophylactic! Excellent point made , James.
Stan Piland profile picture
Said it before, I'll say it again. I think ADMP could have secured a single-product deal months ago. And if talks had failed, they would have known it months ago too. The only reason I can think of to explain the delay is that the partnership has expanded to multiple drugs to be used in ADMP's pre-filled syringe. That's a much more complex and time-consuming process. But it would bring bigger upfront cash, plus milestone payments and royalties for each drug. Don't forget ADMP filed the IND for naloxone months ahead of expectations...these guys are not snoozing. Also should note Kaleo is on track to do $225M revs with their naloxone auto-injector, and the market is growing. So this is a potentially very large market. Thanks for the update. I'm more bullish on ADMP than I was a few months ago.
cfriend881 profile picture
Stan ! I like your view....it adds a lil more to the story !
Stan - how did you come up with $225M revenue for Kaleo Naloxone?
cfriend881 profile picture
Stan ...Either some folks are worried or some are interested ..after normal trading hours up 40 Cents ...I can justify a few shares with that change after normal trading hours....Somebody do your thing !
neals58 profile picture
Perhaps not the blockbuster that management believes it to be. Same story as SGYP. STUPID and Delusional management. The price of anything is what the market is ready to pay, period. Waiting is only going to make it worse. If no deal happens in April it will be back to 2. So frustrating.
How does Symjepi compare with ATRS/Teva generic EpiPen in your view?
HSAIN profile picture
Would really like to know the mystery of why they havent secured a partner.. This is the real story, its a big deal.
Why don’t they approach IPXL or VRX
Good product. Too bad you cant buy it!
There is FDA pending approval for low dose on Sept 3rd, surely they wouldn't wait for that right ????
Can Don Trump be that good deal investor?
Yes, not only is it a disappointment to shareholders, but also to those who have suffered from using an inferior product. What is that old saying about pigs getting slaughtered !
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