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Updated from 10:10 a.m. EDT.

NEW YORK (TheStreet) -- Shares of Adamis Pharmaceuticals (ADMP) - Get Adamis Pharmaceuticals Corporation Reportwere slipping 16.71% to $2.89 on heavy trading volume late Monday afternoon after rival drug-maker Mylan (MYL) announced it would launch a generic version of its severe allergy medication EpiPen in the upcoming weeks.

Adamis, a San Diego-based pharmaceutical company, is currently seeking regulatory approval for its own generic pre-filled epinephrine syringe for severe allergy treatment.

Last week, Hatfield, AL-based Mylan was scrutinized for increasing the price of its drug by over 450% since 2004, reaching $600 for a two-pack. The company later said it would reduce out-of-pocket costs for EpiPens by offering a $300 savings card.

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Adamis stock soared as much as 13% last week as critics like Democratic presidential candidate Hillary Clinton and lawmakers blasted Mylan for its price hike. 

However, Mylan announced today that it would be releasing its own generic to the EpiPen at a list price of $300 for two syringes. The company said the new version will be "identical" to the branded product.

More than 6.63 million shares of Adamis stock have traded so far today following the announcement, above its 30-day daily average of roughly 843,000 shares.

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