April 23, 2010 (FinancialWire) — Ampio Pharmaceuticals, Inc. (OTCBB :AMPE) said that it has entered into a letter of intent to acquire DMI Biosciences, Inc.

According to Ampio, the acquisition will give the firm access to all rights, royalties and patents associated with a drug that treats premature ejaculation recently licensed to a specialty pharmaceutical company after demonstrating safety and efficacy in a Phase II clinical trial.

The company said that the P.E. drug is protected by multiple U.S. and International patents, and is currently undergoing Phase III clinical trials in Europe.  

Ampio added that the structure of the transaction will include a tax free exchange to the company’s shareholders and that Ampio anticipates working to complete the transition from the L.O.I. to a final agreement.

Ampio said it cannot disclose the licensee for the drug that is executing the Phase III trial.

Colorado-based Ampio Pharmaceuticals 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.

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