Adamis Pharmaceuticals Corp (NASDAQ:ADMP) shares were higher after the company unveiled a new allergy medication.
The substance is called Symjepi and it is designed to serve as an alternative to Mylan N.V. and its popular anti-allergy treatment EpiPen, which stirred controversy a few months ago over high prices that many afflicted with allergies of all sorts could not afford.
Mylan’s treatment would set you back $600 for two syringes filled with a substance that counteracts the effects of an allergic reaction. Much like EpiPen, Symjepi works in a similar manner and it is expected to be cheaper than its competitor, although details of its price have yet to be unveiled.
Mylan did lower the price of EpiPen considerably after faced with the backlash surrounding its medication, cutting it by half from $600 to $300 for two syringes. CVS has thrown its hat in the ring as well, releasing a treatment that consists of two syringes designed to have a similar effect as its competitors for only $100.
Expect Symjepi to be released sometime later this summer. Maxim analyst Jason Kolbert noted that Symjepi may actually be more user friendly and more effective than the alternatives due to its design.
Adamis Pharmaceuticals is also expected to launch a tamer version of the medication that is designed for children in trouble to use.
ADMP stock fell 3% during regular