GREENWOOD VILLAGE, Colo., Jan. 15, 2014 /PRNewswire/ -- Ampio Pharmaceuticals, Inc. (NYSE MKT: AMPE) held a groundbreaking ceremony on Friday, January 10th to announce the start of construction of its new state-of-the-art manufacturing facility for its lead drug candidate, Ampion™, for the treatment of patients afflicted with osteoarthritis of the knee. Located in the Denver Metro area, the facility is expected to be ready for production of Ampion™ in the summer of 2014 and should generate approximately 40 new jobs in the next two years.
"Bioscience continues to be a key industry in Colorado and an important part of our advanced industry growth," said Ken Lund, Executive Director of the Colorado Office of Economic Development and International Trade. "We are pleased that Ampio Pharmaceuticals has chosen to increase its employee base and capital investment in Colorado."
April Giles, President and CEO, Colorado BioScience Association remarked "We congratulate Ampio Pharmaceuticals on their decision to locate their new manufacturing facility in the Denver Tech Center. Ampio Pharmaceutical's decision to grow their company in Colorado and to focus on innovative methods of treating patient's with debilitating medical conditions has served the company and the community well."
"The construction of this manufacturing facility will accomplish a major milestone for the commercialization of Ampio's lead drug," said Michael Macaluso, Chairman and CEO of Ampio. "We are excited about the prospect of bringing a safe and effective medicine to patients whose quality of life have suffered due to osteoarthritis of the knee. Having announced positive trial results for the initial pivotal trial (SPRING STUDY) late last year, and the start of the final pivotal trial (STEP STUDY) this week, we look forward to reaching commercial-scale production of Ampion™ that would follow FDA clearance of the drug. The facility will have an annual production capacity of approximately ten million doses of Ampion™. More than 50% of the source material, human serum albumin or HSA, required to meet this capacity has already been secured through a long-term, non-exclusive, supply agreement as previously announced."
About Ampio Pharmaceuticals
Ampio Pharmaceuticals, Inc. is a development stage biopharmaceutical company primarily focused on the development of therapies to treat prevalent inflammatory conditions for which there are limited treatment options. We are developing compounds that decrease inflammation by (i) inhibiting specific pro-inflammatory compounds by affecting specific pathways at the protein expression and at the transcription level; (ii) activating specific phosphatase or depletion of the available phosphate needed for the inflammation process; and (iii) decreasing vascular permeability.
Forward Looking Statements
Ampio's statements in this press release that are not historical fact and that relate to future plans or events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by use of words such as "believe," "expect," "plan," "anticipate," and similar expressions. These forward-looking statements include statements regarding Ampio's expectations with respect to the completion, timing and size of the registered direct offering, as well as risks associated with clinical trials, expected results, regulatory approvals, and changes in business conditions and similar events. The risks and uncertainties involved include those detailed from time to time in Ampio's filings with the Securities and Exchange Commission, including without limitation, under Ampio's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Ampio undertakes no obligation to revise or update these forward-looking statements, whether as a result of new information, future events or otherwise.
Director of Investor Relations
Ampio Pharmaceuticals, Inc.
Direct: (720) 437-6530
SOURCE Ampio Pharmaceuticals, Inc.