Adamis Pharmaceuticals (NASDAQ:ADMP) stock is getting a major boost on Monday thanks to a response from the U.S. Food and Drug Administration (FDA).
This response has the FDA approving Adamis Pharmaceuticals’ ZIMHI. This is a high-dose naloxone injection for the treatment of opioid overdose. It works by “blocking or reversing the effects of the opioid, including extreme drowsiness, slowed breathing, or loss of consciousness.”
Dr. Dennis Carlo, president and CEO of Adamis, said this about the news sending ADMP stock higher today.
“We are very excited by this approval and are working with our commercial partner, US WorldMeds, to make this much-needed, lifesaving product readily available to the market. ZIMHI provides the highest systemic levels of naloxone compared to any of the nasal or intramuscular products currently available.”
Adamis Pharmaceuticals notes that data from the Centers for Disease Control and Prevention (CDC) shows drug overdoses account for 96,779 deaths in the U.S. from March 2020 to March 2021. They are also the leading cause of death in Americans under the age of 50. That means there’s plenty of uses cases for its product.
ADMP stock is also seeing heavy trading alongside the FDA news today. As of this writing, more than 131 million shares of the stock have changed hands. To put that in persptieve, the company’s daily average trading volume is closer to 3.2 million shares.
ADMP stock was up 15.8% as of Monday afternoon.
Investors that want more of the latest stock news will want to keep reading!
We’ve got all the stock market coverage for Monday that traders need. Among that is the latest concerning upcoming IPOs, DraftKings (NASDAQ:DKNG) NFT news, as well as what thas FuelCell Energy (NASDAQ:FCEL) rising. You can find out more about these matters by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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