Adamis Pharmaceuticals (ADMP) Improves Its IP

Adamis Pharmaceuticals (ADMP) issued a press release prior to the market opening yesterday (2014.01.24) that I thought was good news. The press release started with the following.

Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) announced an important addition to its intellectual property with receipt of a Notice of Allowance of patent claims supporting its cancer immunotherapy portfolio in the United States. Notice of Allowance is the final step in the issuance of a patent. The company believes that this patent will significantly strengthen Adamis' cancer immunotherapy patent portfolio and will further support its TeloB-VAX vaccine technology.

ADMP had a gap opening yesterday (02014.01.24) at $7.02 (previous close was $6.80). It spiked to $7.25 before falling to a close of $6.68 (down almost 2% for the day). Volume was 6-time trailing-3-month average. 52-week range: $3.40 - $17.17.