GREENWOOD VILLAGE, Colo., July 3, 2012 /PRNewswire/ -- Ampio Pharmaceuticals, Inc. (Nasdaq : AMPE ), a biopharmaceutical company conducting clinical trials on its four lead drugs (Ampion™, Optina™, Zertane™ & Zertane-ED™) licensing distribution of these drugs and developing additional new drugs, announced today that Dr. David Bar-Or, Ampio's Founder, Chief Scientific Officer and largest shareholder, and Michael Macaluso, Ampio's CEO, Chairman and Lead Investor, have extended their July 15th 2012 lock-up agreement until January of 2013. This extended lockup encompasses more than two-thirds of the company's shares owned by executives, management and directors.
Mr. Macaluso noted, "We are excited and confident in the significant progress the company has made during the past 12 months. We are aware that sophisticated investors already know that Ampio management is precluded from selling or buying their Ampio shares due to the non-public information being created within a company engaging potential collaboration or distribution partners while managing multiple clinical trials and regulatory submissions. Nevertheless, both Dr. Bar-Or and I, being primarily responsible for funding the company and providing all of the science for its existing and pipeline products, want to make it crystal clear to our shareholders of our dedication to Ampio, our belief in the future of Ampio, our faith in its products and pipeline and our solemn fiduciary responsibility to our shareholders."
Mr. Macaluso continued, "As for the DMI shareholders who obtained Ampio stock when the company was acquired by Ampio, a large percentage did not extend their lock-up in beyond December 31, 2011 and were free to sell their shares since January 1, 2012. The shareholders who extended their lock-up to June 30, 2012 were permitted to sell a cumulative 5% per month of their shareholding since September of 2011. Consequently, the perception that a large block of these Ampio shares will be unlocked, and can be expected to be traded on June 30th is inaccurate."
Ampio Pharmaceuticals, Inc. develops innovative proprietary drugs for inflammation, eye disease, kidney disease, CNS disease, metabolic disease and male sexual dysfunction. The product pipeline includes new uses for previously approved drugs and new molecular entities ("NMEs"). By concentrating on development of new uses for previously approved drugs, approval timelines, costs and risk of clinical failure are reduced because these drugs have strong potential to be safe and effective while their shorter development times can significantly increase near term value. A key strategy includes actively exploring partnership, licensing and other collaboration opportunities to maximize Ampio's product development programs. For more information about Ampio, please visit our website, www.ampiopharma.com.
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 risks associated with clinical trials, expected results, regulatory approvals, successful commercialization and marketing of Zertane™ and the combination drug in Korea, 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 Ampio's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Contact: Rick Giles, Investor Relations, Ampio Pharmaceuticals, Inc. 720-437-6500
SOURCE Ampio Pharmaceuticals, Inc.