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Ampio Pharmaceuticals auditors raise doubt over going-concern ability

There is "substantial doubt" about Ampio Pharmaceuticals Inc.'s ability to continue as a going concern due to recurring losses and accumulated deficit, the development stage biopharma's public accounting firm said in its Form 10-K filing with the SEC.

The Colorado-based company has not generated any revenue or profit since its inception in December 2008, incurring a net loss of $51.9 million for the year ended Dec. 31, 2017, and a total loss of $205 million since it was started.

Ampio had $8.2 million in cash and working capital from continuing operations of $4.6 million as of year-end 2017.

It raised $2.8 million in the first two months of 2018 from the exercise of options and warrants, which increased cash on the balance sheet without further dilution to its shareholders, the company said in a press release.

The biotech's ability to continue its operations depends on management's plans to raise financing. If adequate financing is not available, the company may have to terminate or significantly cut down operations, it said in the filing.

For now, the company expects that current cash resources and operating cash flows will be sufficient to sustain operations through the second quarter of 2018.

Ampio is in negotiation with potential investors for financing, it said in the SEC filing.