As previously reported, Maxim analyst Jason McCarthy downgraded Adamis Pharmaceuticals to Hold from Buy after the company disclosed an FDA complete response letter on its high-dose naloxone product for opioid overdoses. The analyst notes that he is now awaiting clarity on the path forward for Adamis Pharmaceuticals, even though the letter raised no clinical safety or efficacy issues outside of its questions regarding Chemistry, Manufacturing and Controls. McCarthy adds however that the company's cash position of $12.1M reported earlier this month is "low".