By Will Feuer


Biopharmaceutical company Ampio Pharmaceuticals Inc. said it terminated the employment of two executive officers, restructured its board and has taken other measures after a special committee investigated the statistical analysis of one of its clinical trials.

The investigation found that former executive officers and senior staff allegedly didn't fully report the results of its AP-013 clinical trial, the company said. It said it has informed the Securities and Exchange Commission as well as the Food and Drug Administration of the investigations.

Ampio said the investigation also found that certain Ampio personnel, including a former executive officer and certain former directors, allegedly facilitated the provision of the investigational drug Ampion for unauthorized use. The company said it has worked to resolve the issues that were identified and that its current executive officers weren't involved in the provision of Ampion for unauthorized use.

In response to the investigation, the company said it has fired two executives, restructured its board through the resignation of certain directors, separated the role of chief executive officer and chairman and taken other steps.

The company also said it has identified several potential acquisition and reverse merger candidates, as well as received interest from potential counterparties for some kind of deal.

The company said it urged shareholders to vote to authorize a reverse stock split at its upcoming annual meeting so that it can regain compliance with the NYSE American's listing requirements.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

08-03-22 0923ET