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Cellegy and Adamis Stockholders Approve Merger Transaction and Related Proposals
Date:3/24/2009

Reverse Split Ratio of Outstanding Cellegy Common Stock Expected to be Approximately 1: 9.929060

BOYERTOWN, Pa., March 24 /PRNewswire-FirstCall/ -- Cellegy Pharmaceuticals, Inc. (OTC Bulletin Board: CLGY) today announced that the stockholders of both Cellegy and Adamis Pharmaceuticals Corporation approved the previously announced merger of the two companies at stockholder meetings held on March 23, 2009. The transaction, which is subject to customary closing conditions, is expected to close on or about April 1, 2009.

At the Cellegy meeting, the stockholders also approved several proposals related to the merger transaction, including amendments to Cellegy's charter to increase the number of authorized shares of common stock to 175,000,000 shares and of preferred stock to 10,000,000 shares, to change the name of the company to "Adamis Pharmaceuticals Corporation" following the closing of the merger, and to effect a reverse split of the outstanding Cellegy common stock immediately before the closing of the merger.

The ratio of the Cellegy reverse split is expected to be approximately 1:9.929060. As a result, every approximately 9. 929060 shares of Cellegy common stock will be combined into one share of post-reverse split common stock, and the outstanding shares of Cellegy common stock will be converted into 3,000,000 post-reverse split shares. Approximately 42,978,000 post-reverse split shares of common stock are expected to be issued to the former holders of outstanding Adamis shares. The Cellegy common stock will continue to trade on a pre-reverse split basis until the reverse split is approved by the Financial Industry Regulatory Authority (FINRA) and reflected on the OTC Bulletin Board, which is expected to occur shortly after the closing of the merger.

About Cellegy

Cellegy Pharmaceuticals is a specialty biopharmaceutical company. Cellegy has intellectual pr
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SOURCE Cellegy Pharmaceuticals, Inc.
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