Why Adamis Shares Are Ripping Higher Today

Shares of Adamis Pharmaceuticals Corporation ADMP spiked higher in afternoon trading Thursday following some positive tidings on one of its pipeline assets.

What Happened: Study of cell cultures by researchers at the National Institutes of Health showed that experimental drug Tempol may be a promising oral antiviral treatment.

Tempol has been licensed by Adamis and is being evaluated as a treatment option for respiratory diseases, including asthma, respiratory syncytial virus, influenza and COVID-19.

"An oral drug that prevents SARS-CoV-2 from replicating would be an important tool for reducing the severity of the disease," said Diana Bianchi, Director at the National Institute of Child Health and Human Development.

In cell culture experiments with live SARS-CoV-2 virus, the team found that the drug can inhibit viral replication. Tempol doses used in NIH's antiviral experiments could likely be achieved in tissues that are primary targets for the virus, such as the salivary glands and the lungs, the study showed.

The study team plans on conducting additional animal studies and will seek opportunities to evaluate Tempol in a clinical study of COVID-19.

Related Link: Attention Biotech Investors: Mark Your Calendar For June PDUFA Dates

Adamis' Progress With Tempol In COVID-19: Adamis submitted an investigational new drug application for Tempol to the FDA for evaluating the use of it for COVID-19 treatment at the start of the year, and the IND application was cleared by the FDA in February.

Tuesday, the company said in its earnings release, it's working with a large clinical research organization that has started the key operational aspects of the clinical study including site selection, site agreements, and vendor agreements.

Adamis is a biopharma developing and commercializing specialty products for respiratory disease, allergy and opioid overdose.

At last check, Adamis shares were surging 57.14% to $1.10.