AMP.L Regulatory News (AMP)

27 Nov 2006 07:00

Amphion Innovations PLC27 November 2006 Amphion Innovations plc Amphion Innovations plc acquires 35% stake in a Manchester molecular diagnostic spin-out company London, UK - 24 November 2006 - Amphion Innovations plc, the developer of lifescience and medical technology businesses, announces today that it has invested£1 million in its latest Partner Company, Myconostica Ltd, an award winningUniversity of Manchester spin-out. Myconostica is a company specialising in a new type of 'molecular' diagnostictest for infectious diseases, particularly life-threatening respiratory fungalinfections, allowing much faster and more precise diagnosis. These tests willhave significant health-care benefits, such as reducing death rates, shorteningrecovery times and hospital stay, and reducing the high cost of care for thesetypes of patients. The Company has secured a significant internationalintellectual property position in advances in molecular diagnostics includinglicences from the University of Manchester, the Public Health Research Institute(PHRI) in Newark, New Jersey, and other leading research centres. Amphion's investment will give it a stake of 35% on a fully diluted basis andwill allow Myconostica to further develop its products, intellectual property,and build up its management and marketing teams. Amphion's participation willalso accelerate access to key US markets. Life-threatening fungal infections remain the most common cause of infectiousdeath in many types of acutely ill patients, for example those who haveundergone transplants or those who are suffering from infections affecting theirimmune system, such as HIV. Myconostica's tests produce results in hours,rather than the days currently required, greatly improving the time totreatment. Clinical studies are scheduled to start in Q1 2007 with internationalregulatory approvals in the 2nd and 3rd quarters of 2007. The market size forrespiratory diagnostics for fungal infection alone is estimated to be in excessof $100 million annually, part of a wider molecular diagnostics opportunity. Theworldwide market of molecular tests of various sorts is expected to grow to over$12 billion by 2010. Myconostica's founder and acting Chief Executive, Professor David Denning,commented: "The medical need for rapid diagnosis of respiratory fungal infections has neverbeen so strong. Myconostica can provide a much faster and clearer diagnosissignificantly improving the time to treat infected patients. Currently, theseinfections are responsible for mortality rates of 40-90%. Other strategies, suchas precautionary treatment with antifungal drugs, can only be partiallysuccessful in combating these infections. Amphion CEO Richard C.E. Morgan commented: "In partnership with Amphion, we believe that Myconostica can become a leadingsupplier of a new generation of diagnostic tools that will provide more accuratediagnosis and in a fraction of the time currently required. This is a greatmarket opportunity, which will also provide enormous benefits to patientsworldwide." For further information please contact: Amphion Innovations plcJosh Berkman, Media Relations +1 (646) 747-7158 Financial Dynamics +44 207 269 7169Ben AtwellJohn Gilbert About Amphion Innovations plc Amphion Innovations plc is listed on the AIM Exchange in London under the symbolAMP. Amphion's business is the formation, financing, management and developmentof life sciences and technology companies, primarily in the US and UK, workingin partnership with corporations, governments, universities and entrepreneursseeking to commercialize their intellectual property. On the web: www.amphionplc.com About Myconostica, Ltd. Myconostica is a University of Manchester spin-out company specialising inmolecular diagnostic tests for life-threatening respiratory fungal infection.Myconostica is located in South Manchester, and has strong links to one of theUniversity of Manchester's teaching hospitals, Wythenshawe Hospital, and theRegional Mycology Laboratory. Founded by Dr. David Denning, professor ofmedicine and medical mycology, with assistance from Nick Montague and UMIP, thecompany will soon move into offices with excellent laboratory space.Myconostica has plans to develop additional molecular tests once its firstproduct has been launched. On the web: www.myconostica.co.uk Contact: Teresa Dietrich +44 7968283803 About PHRI The PHRI has just merged with the University Medical and Dental School of NewJersey, with which is co-located to expand its mission of delivering top qualitypublicly funded research in infectious diseases. It has an impressive trackrecord over many decades in contributing to Public Health. It owns the molecularbeacon patent portfolio, which has been extensively licensed in many diagnosticfields, including several FDA approved molecular tests. On the web: www.phri.org About UMIP The University of Manchester Intellectual Property Limited (UMIP) is themanaging agent of The University of Manchester for intellectual propertycommercialisation. UMIP's role is to enhance the scale and quality of theUniversity's intellectual property development and commercialisation activities.UMIP works in highly positive relationships with researchers, entrepreneurs,business people, professional advisers, and investors to achieve its goals. On the web: www.UMIP.co.uk This information is provided by RNS The company news service from the London Stock Exchange