Adamis Pharmaceuticals' Epinephrine injection categorized as a generic

Sep 11 2009

Adamis Pharmaceuticals Corporation (OTCBB:ADMP) announced on July 23 that its wholly owned subsidiary, Adamis Labs launched and shipped the first orders of the company’s Epinephrine Injection, USP, 1:1000 (0.3mg prefilled single dose syringe) (“PFS”). Today, Adamis Labs reports that at least two major data base reference companies (Medi-Span® and First DataBank®) placed the Company’s PFS in their generic category. Thousands of healthcare professionals depend on these data base reference providers for context-relevant, integrated drug information. As a result of this generic classification, several insurance providers, including Aetna® (NYSE: AET) and Blue Cross Blue Shield of Michigan have placed Adamis’ PFS in their Tier 1 category. Tier 1 presently consists of generic drugs, and thus the patient is offered the lowest co-pay available.

Rick Aloi, the President of Adamis Labs, stated, “A Tier 1 classification should equate to faster penetration into the roughly $200 million epinephrine market. Though we were hopeful that our low cost therapeutic alternative would have a positive payer formulary placement, Tier 1 was not part of original revenue projections.” Mr. Aloi is very knowledgeable concerning the epinephrine market since he played a major role in launching the EpiPen® while Director of Sales for Center Laboratories. Dr. Dennis J. Carlo, President and CEO of Adamis Pharmaceuticals, stated, “Being rated a ‘Generic’ and ‘Tier 1’ should accelerate our goal to build a strong financial base by increasing revenues and profits for the company, while at the same time providing a cost effective and possibly lifesaving medicine to the patient.”