ADMA BIOLOGICS, INC. (NASDAQ:ADMA) Files An 8-K Other Events
Item 8.01
As previously disclosed in a Current Report on Form 8-K filed on April 21, 2020, ADMA BioManufacturing LLC, a wholly-owned subsidiary of ADMA Biologics, Inc. (the “Company”), had received an unsecured loan in the amount of approximately $5.4 million (the “Loan”) under the Paycheck Protection Program (the “PPP”), established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Although the Company believes, in good faith, it qualified for the Loan under then-available regulations, newly issued guidance and political and public scrutiny, particularly with respect to publicly traded companies receiving PPP funding, has caused the Company to decide voluntarily to return the Loan proceeds. The Company believes these proceeds should be deployed to other small businesses in need of financial support during this difficult time. As a result, the Company will voluntarily return the Loan proceeds within the time period imposed under the newly issued guidelines, subject to any additional guidance that may be issued by the Federal Government on eligibility criteria for public companies who have already been granted PPP loans.
About ADMA BIOLOGICS, INC. (NASDAQ:ADMA)
ADMA Biologics, Inc. is a late-stage biopharmaceutical company that develops, manufactures and intends to market specialty plasma-based biologics for the treatment and prevention of infectious diseases. The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics. Its segments include Plasma Collection Centers, which includes its operations in Georgia; Research and Development, which includes its plasma development operations in New Jersey, and Corporate. Its targeted patient populations are immune-compromised individuals suffering from an underlying immune deficiency disorder or may be immune-suppressed for medical reasons. Its product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients at risk of contracting infectious diseases. Its intravenous immunoglobulin product candidate, RI-002, is intended for the treatment of primary immune deficiency disease.
