Shares of the Adamis Pharmaceuticals Corporation (ADMP) stock were rising today following the update provided by ADMP stock on its Drug Application for ZIMHI. ADMP stock price saw a push of 11.87% to reach $1.12 a share as of this writing. The stock went down by 3.81% at the previous closing. Let’s deep dive to explore more of it.
ADMP stock today announced that its resubmitted new drug application (NDA) for ZIMHI™ has been approved by the U.S Food & Drug Administration for review. The new drug application is the higher naloxone injection product candidate which is intended to treat individuals suffer due to opioid overdose. The target action date given by FDA under the Prescription Drug User Fee Act is November 12, 2021.
Role of Naloxone in increased crises of Opioid Overdose:
Naloxone is used as an opioid antagonist because it blocks or reverses the effect of the opioid.Due to its anti-opioid behavior, it is used as an immediate response in case of opioid overdose. About 81,000 deaths in the United States have been reported in the last 12 months which means more than 220 deaths per day. Naloxone is mostly used as the immediate
Fight Against COVID-19:
Though many vaccines have been rolled out against COVID-19, still the battle is not over as the virus has mutated into many forms with time. ADMP stock is also putting its efforts in the fight against COVID-19 and recently National Institutes of Health(NIH) has identified ADMP’s experimental drug Tempol as the potential oral antiviral treatment against COVID-19. According to the study by NIH, tempol had limited the effect of SARS-CoV-2 infection via impairing viral enzyme activity which is formally known as RNA replicate. The research team had shown the intention to proceed with further study of Tempol and would evaluate its clinical impact against COVID-19.
ADMP stock happened to be green after the announcement of FDA approval for review of NDA for ZIMHI™. ADMP is looking forward to collaborating with FDA in the review process and preparing for Phase 2/3 clinical trial for Tempol in order to evaluate its impact against COVID-19.
About Adamis Pharmaceuticals Corporation:
Adamis Pharmaceuticals Corporation is a biopharmaceutical company focused on the development and commercializing of therapeutics for the treatment of patients suffering from allergy and respiratory diseases in the U.S. ADMP stock has a market cap of 170.47 million and an average trading volume of 7,075,267 shares.