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Sector Update: Health Care Stocks Dip; Adamis Pharmaceuticals Climbing After Completing $5 Mln Private Placement

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Healthcare stocks were slightly lower today with the NYSE Healthcare Sector Index falling about 0.1% and shares of healthcare companies in the S&P 500 retreating less than 0.1% as a group.

In company news, Adamis Pharmaceuticals Corp ( ADMP ) rose Wednesday and the specialty drug-maker late yesterday closing on a $5 million private placement of 1.42 million shares of Series A convertible preferred stock.

The new preferred shares are convertible into common stock on a 1-for-1 basis. The transaction with an unnamed institutional healthcare investor also saw the company issue an unspecified number of five-year warrants to purchase additional stock with a $3.40 exercise price.

Net proceeds from the deal will be used for general corporate purposes, including the expected commercial launch of ADMP's pre-filled epinephrine syringe product. The company filed a New Drug Application for the single-use syringe in May and the U.S. Food and Drug Administration July 29 accepting that application for review.

ADMP shares recently were ahead more than 9% at $3.70 apiece, earlier rising to a session high of $3.81 a share. The stock has traded within a 52-week range of $2.62 to 11.90 a share, falling nearly 52% over the past 12 months.

In other sector news,

(+) PTX, (+15.5%) Acquires all of GlaxoSmithKline's ( GSK ) rights to Treximet migraine treatment after securing necessary financing. Agrees to continue GSK's current product developments efforts with Pozen ( POZN ) and undertake certain new activities.

(-) NBY, (-34.9%) Said its NVC-422 ophthalmic drug candidate did not meet primary or secondary endpoints during Phase II study in patients with adenoviral conjunctivitis.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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