Benzinga | Feb 17, 2021 12:01PM EST

Adamis Pharma Stock Down Despite US Patent Covering Naloxone

* U.S. Patent and Trademark Office has allowed a patent to one of the patent applications by Adamis Pharmaceuticals Corp (NASDAQ: ADMP) related to its ZIMHI high-dose naloxone injection product candidate, intended for opioid overdose.

* The allowed claims comprise a naloxone composition at a dose greater than or equal to five milligrams configured for administration as an injection.

* "Our 5 mg dose of naloxone delivered by intramuscular or subcutaneous injection has demonstrated significantly higher availability (naloxone in the blood) at 2.5 and 5 minutes (critical period) when compared to the current FDA-approved product", said Dr. Dennis J. Carlo, President, and CEO.

* Last year, the company received an FDA response letter for the ZIMHI application for opioid overdose, citing Chemistry, Manufacturing, and Controls issues.

* The company says it looks forward to meeting with the FDA to discuss the responses submitted to the agency's response letter for ZIMHI.

* Price Action: ADMP stock is down 7.01% at $1.46 in market trading hours on last check Wednesday.