GREENWOOD VILLAGE, Colo., Feb. 9, 2012 /PRNewswire/ -- Ampio Pharmaceuticals, Inc. (NASDAQ: AMPE) ("Ampio" or the "Company"), a company that discovers and develops new uses for previously approved drugs and new molecular entities ("NMEs"), today announced financial results for the year ended December 31, 2011, and offered a summary of the milestones during 2011.
Financial ResultsTotal revenues recognized for the year ended December 31, 2011, were $18,750, reflecting the amortized portion of the $500,000 licensing upfront payment from the Company's agreement with a major Korean pharmaceutical company for South Korean rights to Ampio's Zertane™. The Company did not report any revenues for the year ended December 31, 2010.
Total operating expenses for the full-year periods ended December 31, 2011 and 2010, were $11,152,891 and $6,704,405, respectively. Research and development expenses for the full year 2011 were $6,648,397, compared to $1,972,134 for the full year 2010. The 237% growth in research and development costs during 2011 primarily reflects the increased focus on the Company's multiple clinical trials and proof-of-concept studies. Specifically, the Company invested significantly in the Phase 2 Ampion™ in the Knee study and the Phase 2 Optina™ study evaluating the product's ability to prevent diabetic macular edema (DME) and in a $2,000,000 fee paid to obtain a product technology license associated with Zertane™.
General and administrative expenses for the full-year period of 2011 were $4,504,494, compared to $4,732,271 in the full-year period of 2010. Other expenses were $7,142,593 in the full-year period of 2011, compared to $1,348,990 in the corresponding 2010 period. The increase in other expenses primarily reflects the $5,585,422 of non-cash changes in the fair value of Ampi
|SOURCE Ampio Pharmaceuticals, Inc.|
Copyright©2010 PR Newswire.
All rights reserved