Summary: www.adamispharmaceuticals.com “Strong Buy” 12-month Price Target of $15 - $18 indicates a potential price gain of 224% to 269%* 22-page research report by Harbinger Research details Investment Opportunity, Valuation Comparables... includes Profit and Loss Models thru FY2022. Brian Connell, CFA Investment Highlights: Net $23.7 million in recent funding and NASDAQ up-listing constitutes “Major Corporate Milestones” – institutional and retail visibility greatly enhanced. First product (Epinephrine Pre-filled Syringe) ready for FDA 505(B)(2) filing soon - early ’15 approval likely, leading to $30 - $50 million in annual sales over next 2 – 3 years. Completed purchase of the 3M Taper Dry Powder Inhaler (DPI) technology in December 2013 – creating potential branded generic competitor for Glaxo-SmithKline (NYSE: GSK) and its $7.7 billion global market. Two additional products will likely receive FDA approval in 2016 and 2017 - eventual annual revenues of $30 million or more expected for each. Revenues starting in FY2015, with rapid growth in FY2016, FY2017 and FY2018 - estimated at $16.75MM, $49.45MM and $93.12MM, respectively – all subject to FDA approvals and market conditions of course, but Adamis has certainly turned the corner as a “Developing Specialty Pharmaceuticals Co.” Four early stage biotech products focused on the treatment of prostate cancer - given that the Company’s current priority is “to get to market” with its specialty pharma products, the biotech segment could create a win-fall for investors through a spin-out, IPO, sale to a larger biotech firm, or through royalties/marketing partnerships. It’s like a free-call option for informed investors. Company Overview: Adamis is a biopharmaceutical company engaged in the development and commercialization of specialty pharmaceutical and biotechnology products in the therapeutic areas of respiratory disease, allergy, oncology and immunology. ADMP is developing low cost therapeutic alternatives for the treatment of anaphylaxis, asthma, chronic obstructive pulmonary disease (COPD) and allergic rhinitis. Within the Company's biotechnology pipeline is a novel cell-based therapeutic cancer vaccine and three drug candidates for the treatment of prostate cancer. *Based on market close, March 19, 2014
