Biopharmaceutical co, Ampio Pharmaceuticals Inc with focus on developing drugs to treat prevalent inflammatory diseases. has announced the incorporation and initiation of operations of Luoxis Diagnostics, a subsidiary of Ampio that will initially be funded through a private placement, with Ampio maintaining approximately 80 per cent ownership post financing.
Josh Disbrow, Ampio's chief operating officer, will assume the role of chief executive officer (CEO) of Luoxis. Details about the private placement will follow in the near future.
Ampio chairman and chief executive officer, Michael Macaluso, said, "The Oxidation Reduction Potential (ORP) diagnostic device and its patent portfolio has been "carved out" to become the lead asset of Luoxis Diagnostics, an in-vitro diagnostics company focused on the development and commercialisation of diagnostics utilizing the company's ORP technology platform to indicate disease severity and progression across a wide range of critical and chronic illnesses. The ORP platform is a valuable asset in which the development of the "point-of-care" reader and disposable testing strips have been completed and multiple clinical trials with stored blood samples from patients with various diseases are underway. Luoxis now needs its own management and financing to launch a comprehensive effort to assure the success of its commercial launch."
Disbrow, Luoxis's CEO, further explained the strategy "Ampio is a pharmaceutical company mainly focused on treatments for inflammatory diseases. Now, by carving out the diagnostics programme and arming it with dedicated management and funding we are accomplishing two main goals that will benefit AMPIO shareholders: Ampio's management and resources will be totally focused on advancing our lead therapeutic compounds, Ampion and Optina through pivotal clinical trials in the United States and securing commercialization partners world-wide for the Zertane sexual dysfunction drug portfolio. A key Ampio asset, the ORP Platform, will be commercialized more rapidly to become a provider of world-class diagnostic testing systems while retaining a majority ownership of Luoxis for our existing Ampio shareholders."
Luoxis Diagnostics is an in-vitro diagnostics company focused on the development and global commercialization of a "point of care" hand held device and disposable strips that measures, from a single drop of blood, the presence of oxidative stress and anti-oxidant reserves in a patient.