Ampio Pharmaceuticals (AMPE +3.3%) spins off its sexual dysfunction business into a standalone company called Vyrix Pharmaceuticals. The new entity will be funded through an IPO.
Vyrix's assets will include Zertane and Zertane-ED, late stage drugs for which the new entity will initiate further trials and develop commercialization and marketing partnerships.
The spin-off will be headed by Jarrett Disbrow, who was previously founder and CEO of Arbor Pharmaceuticals.
Ampio expects the IPO to take up to 12 months and that the company will maintain a 50%-80% ownership in Vyrix.