GREENWOOD VILLAGE, Colo.,
April 22 /PRNewswire-FirstCall/ --
Ampio Pharmaceuticals, Inc. (OTC Bulletin Board: AMPE), today
announced that it has entered into a letter of intent (LOI) to
acquire DMI Biosciences, Inc.
This acquisition will give AMPIO access to all rights, royalties
and patents associated with a drug that treats premature
ejaculation (P.E.) recently licensed to a specialty pharmaceutical
company after demonstrating safety and efficacy in a Phase II
clinical trial. This P.E. drug is protected by multiple U.S. and
International patents, and is currently undergoing Phase III
clinical trials in Europe.
"Premature ejaculation is an under-reported condition that we
believe affects substantially more men than erectile dysfunction
(E.D.)", noted Chief Scientific Officer Dr. David Bar-Or, who
developed the drug during his tenure at DMI Biosciences, Inc.
"Consequently we know there is a serious need for a product that
can treat this sexual dysfunction. " said Dr. Bar-Or.
"Among the assets being acquired in this stock purchase are a
number of patent applications on combination drugs that would treat
P.E. and E.D. in a single tablet," said Don
Wingerter, Ampio's chief executive officer. "Dr.
Bar-Or is confident we can continue to develop safe and effective
solutions for these types of medical conditions."
"The structure of this transaction will include a tax free
exchange to the shareholders and we anticipate working diligently
to complete the transition from the L.O.I. to a final agreement,"
Mr. Wingerter continued. "This agreement has the potential to
provide AMPIO with a royalty stream that could begin as early as
2011. Because of a confidentiality agreement, AMPIO cannot at
this time disclose the licensee for the drug that is executing the
Phase III trial. The acquisition of the P.E. drug by AMPIO
enhances our portfolio of drugs that currently focus on alleviating
diabetic and inflammatory conditions."
About Ampio Pharmaceuticals, Inc.
Ampio Pharmaceuticals, Inc. develops drugs to treat metabolic
disease, eye disease, kidney disease, inflammation and CNS disease.
The company's product pipeline includes certain FDA approved drugs,
now targeted at new clinical indications protected by Ampio
intellectual property, and new molecular entities ("NMEs"). The
company's development of new uses for previously approved drugs is
expected to result in reduced approval timelines, lower costs and
decreased risks of clinical failure. The company is actively
exploring partnership, licensing and other collaboration
opportunities to maximize Ampio's near term and long term product
development programs.
Safe Harbor Statement
This press release may contain forward-looking statements that
involve risks and uncertainties, such as statements of Ampio's
plans, objectives, expectations and intentions. Forward-looking
statements are generally identified by words, such as "projects,"
"believes," "anticipates," "plans," "expects," "will," and "would,"
and similar expressions that are intended to identify
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause the actual results, performance or achievements of Ampio to
be materially different from those expressed or implied by
forward-looking statements. Actual events may differ materially
from those mentioned in these forward-looking statements because of
a number of risks and uncertainties. A discussion of factors
affecting Ampio's business and prospects is contained in Ampio's
periodic filings with the Securities and Exchange Commission,
including Ampio's Report on Form 8-K filed on March 8, 2010 with the Securities and Exchange
Commission. Ampio undertakes no obligation to publicly update or
revise any forward looking statements or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise unless required to do so by the
securities laws. Investors are cautioned that forward-looking
statements are not guarantees of future performance and that undue
reliance should not be placed on such statements.
Investor contact: Redwood Consultants, LLC, Tel: +1
415-884-0348
(www.ampiopharma.com)
SOURCE Ampio Pharmaceuticals, Inc.