ADMA Biologics

Adam Grossman co-founded the firm in 2004 alongside Dr. Jerrold B. Grossman and has served as President and CEO since inception. Brian Lenz joined as Executive Vice President and CFO in 2017, overseeing financial operations through the firm's transition to commercial-stage manufacturing. The board includes independent directors, and no controlling family ownership structure is publicly disclosed.

ADMA owns three FDA-licensed plasma collection centers in the United States and operates a 173,000-square-foot fractionation and purification plant in Boca Raton, Florida. The facility handles source plasma through to finished biologic product, with capacity expansion completed in 2022-2023 that supported the record throughput announced in Q1 2024. The firm has indicated plans to add additional collection centers to feed the Boca Raton plant.

The two principal commercial products are Asceniv, an intravenous immune globulin approved for primary humoral immunodeficiency (PID), and Nabi-HB, a hepatitis B immune globulin indicated for post-exposure prophylaxis and liver transplant patients. Nabi-HB was acquired from Biotest Pharmaceuticals as part of the 2017 asset purchase. A third product, Bivigam, is another IVIG for PID. Revenue is split among hospital systems, specialty pharmacy chains, and federal purchasing programs.

ADMA Biologics trades on NASDAQ under the ticker ADMA. It operates as a C-corporation with no dual-class share structure, meaning voting power is proportional to economic ownership. The firm completed a $135 million asset-backed revolving credit facility in 2023 to refinance existing debt, using its plasma centers and plant as collateral. No parent holding company or subsidiary private investment vehicles are publicly reported.

Most small- to mid-cap biotech firms developing plasma-derived therapies contract out plasma collection to third-party centers and outsource fractionation to contract manufacturers. ADMA instead owns its entire supply chain — collection centers, logistics, and the fractionation plant — which is a model otherwise seen primarily at the three incumbent giants: Takeda, Grifols, and CSL Behring. This vertical integration gives ADMA better unit economics per gram of IgG produced, though it concentrates manufacturing risk at a single facility.

As a publicly traded commercial-stage firm, ADMA's disclosed pipeline focuses on securing additional FDA-approved indications for its existing product portfolio rather than developing novel molecules from scratch. For example, the firm has investigated Asceniv for additional immunodeficiencies. ADMA has also pursued label expansions for its hyperimmune products targeting specific pathogen populations. No early-stage research programs outside the immune globulin platform are publicly described.

ADMA's Boca Raton manufacturing facility has received FDA Form 483 observations following routine inspections, a common occurrence for plasma fractionation plants. The FDA has not imposed a consent decree or clinical hold on the facility during the company's current ownership period. In 2021, the firm resolved outstanding regulatory observations cited during a prior Biotest-era inspection that predated ADMA's asset acquisition (public record, FDA inspection database).