Adamis to Merge with La Jolla Pharmaceutical

Bruce V. Bigelow12/8/09

San Diego’s La Jolla Pharmaceutical, which was unable to muster a sufficient number of investors to approve its liquidation plan, has agreed to a merger with Adamis Pharmaceuticals, a Del Mar, CA, biotech with shares that trade over-the-counter. Under a reverse merger approved by both boards, La Jolla Pharmaceutical shareholders will get as much as a 30 percent ownership of the combined company. Adamis, which develops drugs for viral diseases, will get $2.5 million to $3 million remaining from La Jolla Pharmaceutical’s shattered operations, and the combined company will be know as Adamis Pharmaceuticals.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788