CASTLE ROCK, Colo., Dec. 27 /PRNewswire-FirstCall/ -- AspenBio Pharma,
Inc. (Nasdaq: APPY), an emerging bio-pharmaceutical company dedicated to
the development of novel drugs and diagnostics for animals and humans, has
outlined plans for submitting its final data package to the United States
Food and Drug Administration ("FDA") for market approval of AppyScore(TM),
the first blood-based screen/triage test for human appendicitis.
Following its official pre-IDE response from FDA in November, AspenBio
plans to complete the final data package for a 510(k) submission by mid to
late 2008. FDA regulations require the FDA to complete the 510(k) review
within 90 days of submission. Steps currently proceeding under supervision
of the company's FDA consultants cover the following primary areas:
1) Pivotal clinical data trial definition and completion under FDA
regulatory guidelines using GMP validated test version
2) Finalization of logistics with cGMP manufacturer of the AppyScore test
3) Preparation of FDA 510(k) final data submission package for clearance
In order to receive FDA 510(k) clearance, AspenBio must successfully
demonstrate the performance characteristics of its final GMP-validated
device. This includes non-clinical laboratory performance testing, like
assay precision and analytical sensitivity, as well as clinical testing in
the field. AspenBio has selected a manufacturer for the AppyScore Screen
Test with extensive experience in manufacturing in-vitro diagnostic devices
according to 21 CFR 820, and which has been registered with the FDA to
manufacture these types of devices.
As disclosed in a September 28, 2007 press release, AspenBio's pre-FDA
multi-hospital study substantially advanced the optimization of sampling
and testing methodologies necessary for FDA clinical studies. AspenBio and
its FDA advisors are finalizing the clinical protocol that will involve
testing of about 500 patients in multiple hospital sites.
Based upon AspenBio's prior experience with patient recruitment rates
in the pre-FDA preliminary studies, the company expects this final FDA
clinical study to be completed within five to six months. The clinical
portion of the 510(k) application will be conducted concurrently in
accordance with FDA guidelines and as directed by the company's FDA
AppyScore Screen Test is designed to screen patients suspected of
having appendicitis. Emergency room physicians are expected to use the
device as part of a complete clinical workup. The key metric for the
clinical study is the device's Negative Predictive Value, which has been
shown consistently in pre-FDA clinical studies to be approximately 98%.
"Our path to FDA 510(k) clearance is clear and well planned, and we are
excited to be moving so rapidly toward the commercialization of this
first-generation blood test for appendicitis," said AspenBio Pharma
president and CEO, Richard Donnelly. "Ongoing data collection continues to
support the exceptional effectiveness and efficacy of AppyScore, and we are
carefully taking the final steps necessary to deliver a high-quality,
first-of-its-kind appendicitis screen blood test to the U.S. market.
Appendicitis is expected to afflict five to seven percent of the world's
population at some point in their lives, so the worldwide market potential
for this test is tremendously vast. Given our achievements over the last
year that have taken us far down this path for final data acquisition and
submission, we have every reason to expect FDA 510(k) clearance for
AppyScore before the end of 2008."
About AspenBio Pharma, Inc.
AspenBio Pharma is an emerging bio-pharmaceutical company dedicated to
the discovery; development, manufacture, and marketing of novel proprietary
products, including those that enhance the reproductive efficiency of
animals and that have large worldwide market potential. The company was
originally formed to produce purified proteins for diagnostic applications
and has become a leading supplier of human hormones to many of the nation's
largest medical diagnostic companies and research institutions. The company
has successfully leveraged this foundational science and technology
expertise to rapidly develop an enviable late-stage pipeline of several
novel reproduction hormone analogs for wide-ranging therapeutic use
initially in bovine and equine species. AspenBio Pharma continues to
advance the development and testing of its two first-generation blood-based
human diagnostic tests designed to rapidly help diagnose or rule out
appendicitis in patients complaining of abdominal pain. For more
information, go to http://www.aspenbiopharma.com.
Forward Looking Statements
This news release includes "forward looking statements" of AspenBio
Pharma, Inc. ("APPY") as defined by the Securities and Exchange Commission
(the "SEC"). All statements, other than statements of historical fact,
included in the press release that address activities, events or
developments that APPY believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based on
certain assumptions made based on experience, expected future developments
and other factors APPY believes are appropriate in the circumstances. Such
statements are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of APPY. Investors are cautioned that
any such statements are not guarantees of future performance. Actual
results or developments may differ materially from those projected in the
forward-looking statements as a result of many factors, including the
ability to successfully complete the development of, obtain FDA approval
for and generate revenues from the appendicitis test and other new
products, execute agreements required to successfully advance the company's
objectives, retain the scientific management team to advance the products,
overcome adverse changes in market conditions and the regulatory
environment, fluctuations in sales volumes, obtain and enforce intellectual
property rights, and realization of intangible assets. Furthermore, APPY
does not intend (and is not obligated) to update publicly any
forward-looking statements. The contents of this news release should be
considered in conjunction with the warnings and cautionary statements
contained in APPY's recent filings with the SEC.
For more information contact:
AspenBio Pharma, Inc.
Gregory Pusey, Chairman
Liolios Group, Inc.
Scott Liolios or Ron Both
SOURCE AspenBio Pharma, Inc.