SOURCE: Adamis Pharmaceuticals Corporation

March 01, 2010 18:52 ET

Adamis Pharmaceuticals Announces Results and Adjournment of Special Meeting

SAN DIEGO, CA--(Marketwire - March 1, 2010) -  Adamis Pharmaceuticals Corporation (OTCBB: ADMP) announced today that its stockholders approved the previously announced proposed merger transaction with La Jolla Pharmaceutical Company at a special shareholders meeting held on Friday, February 26, 2010. Based on proxies received and voted at the meeting, holders of approximately 59% of the outstanding shares voted in favor of the merger transaction, and holders of less than 0.5% of the outstanding shares voted against the transaction.

Separately, La Jolla Pharmaceutical Company announced today in a press release that its special meeting of its stockholders convened on February 26, 2010 was adjourned to March 2, 2010, in order to permit La Jolla to solicit additional proxies from its stockholders in favor of the transaction and related proposals, and that as of the date of the meeting it had received proxies from holders of approximately 12% of its outstanding shares, and that the proxies received to date had overwhelmingly supported the merger proposals. The press release indicated that in order for the merger to be completed, holders of more than 50% of La Jolla's outstanding shares must vote in favor. The press release also indicated that if the common stock of La Jolla is delisted from NASDAQ before obtaining the necessary vote, La Jolla expects that it would need additional regulatory approvals to continue soliciting proxies, resulting in significant additional costs and time delays; and that such approvals are difficult to obtain and may not be obtained at all.

About Adamis Pharmaceuticals

Adamis Pharmaceuticals has two wholly owned subsidiaries, Adamis Laboratories and Adamis Viral Therapies. Adamis Labs expects to launch a series of niche prescription products in the allergy and respiratory therapeutic area, including its Epinephrine Injection USP 1:1000 (0.3mg Pre-Filled Single Dose Syringe) product launched last year. Adamis Viral Therapies is focused on the development of patented, proprietary technologies and recently entered into an agreement with Colby Pharmaceutical Company to acquire exclusive license agreements covering three small molecule compounds for the potential treatment of human prostate cancer. The completion of the acquisition is subject to satisfaction of certain closing conditions. 

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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