June 15, 2017 / 7:50 PM / 7 months ago

Adamis gets U.S. approval to sell EpiPen rival, shares soar

June 15 (Reuters) - Adamis Pharmaceuticals on Thursday said it received U.S. approval for its emergency epinephrine syringes to treat severe allergic reactions that would compete with Mylan’s widely used EpiPen, sending its shares up 50 percent.

Adamis said the Food and Drug Administration also approved the brand name Symjepi. The company expects to begin selling the pre-filled syringes in the second half of this year.

The company did not disclose the price for a pair of Symjepi syringes, but the product was expected to cost less than EpiPen.

Mylan has faced severe criticism and congressional and legal investigations after it doubled the cost for a pair of EpiPens to $600, enraging consumers. It has since offered its own generic version for about $300 in response to the furor.

“With an anticipated lower cost, small size and user-friendly design, we believe Symjepi could be an attractive option for a significant portion of both the retail (patient) and non-retail (professional) sectors of the epinephrine market,” Adamis Chief Executive Dennis Carlo said in a statement.

Epinephrine is the life-saving treatment of choice for severe allergic reactions, such as to bee stings, exposure to peanuts or medications.

Mylan has for years owned more than 90 percent of the market for emergency epinephrine injectors.

Adamis shares rose $1.87, or 50 percent, to $5.65 on Nasdaq. Mylan shares were off nearly 3 percent at $36.80. (Reporting by Bill Berkrot; Editing by Andrew Hay)

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