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12 Jun 2008 07:00
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Amphion Innovations plc AGM Statement
London, UK,Β 12 June 2008Β - Amphion Innovations plc (LSE: AMP) ("Amphion" or the "Company"), the developer of companies in the medicalΒ andΒ technology sectors, announcesΒ that the following statementΒ willΒ be madeΒ todayΒ by Richard C.E. Morgan, Chief Executive OfficerΒ at the AGM at 10.00 am.
At theΒ time ofΒ theΒ preliminary results in MarchΒ 2008, Amphion announced the strong progress made throughout 2007, reporting significant developments with each of the Partner Companies and a 29% rise in Net Asset Value ("NAV") to 22p per share. The Company also announced the addition of PrivateMarkets, Inc. as a new Partner Company, as well as significant progressΒ with the establishment ofΒ two specialised entities, MSA Holding B.S.C. and DataTern, Inc.
Since theΒ announcement of thoseΒ results,Β AmphionΒ and its Partner Companies have continued toΒ makeΒ good progress and the NAV per share increased approximately 5% in the three months to March 31st. The NAV per share has increased further in the current quarter and is expected to record an advance in excess of 15% for the half year to the end of June.Β This isΒ due to the continuousΒ progress of our Partner Companies.Β
DataTern, Inc., despite being theΒ most recentlyΒ establishedΒ ofΒ Amphion'sΒ Partner Companies, has made great progress and announced earlier this week that it has agreed to a non-exclusive license of its keyΒ data managementΒ patents to RedHat, Inc,Β the $4Β billion NYSE listed software operator and developer. DataTern is wholly owned by Amphion, and was established to commercialise selected intellectual property opportunities that areΒ generated by ourΒ Partner Companies' activities. Revenue directly attributable to Amphion from the RedHat license feeΒ isΒ approximately $800,000Β after costs. Currently DataTern is in discussions with other major companiesΒ about other licenses toΒ the same patents.
Myconostica, Ltd., aΒ UniversityΒ ofΒ ManchesterΒ spin-out that specialises in a new type of diagnostic test for infectious diseases, particularly life-threatening respiratory fungal infections, successfully raised Β£5.4Β million in an oversubscribed Series C financingΒ at Β£40 per share.Β Β The capital raised in thisΒ round ofΒ financing will support the launch of Myconostica'sΒ initialΒ two products.Β The first isΒ theΒ onlyΒ real-time molecular diagnosticΒ which simultaneously tests forΒ bothΒ the potentially fatalΒ Aspergillus and Pneumocystis,Β allowing for early treatment,Β which leads toΒ a significant increaseΒ inΒ survivalΒ rates.Β Β TheΒ secondΒ is a fungal DNAΒ extraction system. The investment will also allowΒ development ofΒ both the company team and further diagnostic tests targeting other critical fungal infections.Β Amphion now owns approximately 23% of the company, which,Β on the basis of the recent financing,Β is valuedΒ at Β£14 million.
On 10 June, 2008, Durham Scientific Crystals, Inc. rebranded itself as Kromek, Ltd.Β as part of its move to commercial maturity andΒ productΒ sales. Kromek recently raised Β£1.6 million at Β£8 per share in a Series J financing. At Β£8 per share, the company is currentlyΒ valued at Β£46.5 million. These additional funds will enable Kromek to maintain the rapid development and commercialisation of it first products. Following this financing, Amphion now owns approximately 21% of Kromek.
PrivateMarkets, Inc.Β will soon initiateΒ tradingΒ inΒ electric power on its proprietary trading platform inΒ TexasΒ targeting a market that trades, on average, overΒ $300Β billion of electric powerΒ each yearΒ in theΒ USΒ alone.Β Β InΒ April 2008, PrivateMarketsΒ successfullyΒ raised $3.85Β million in a Series A financing at $1.00 per share.Β Β Amphion now owns approximately 28% ofΒ PrivateMarkets, whichΒ is currently valued at $14.7Β million.
Saydanah, one of two companies being developed byΒ MSA Holding B.S.C.Β ("MSA"), has signed an agreement withΒ WellGen, a Partner Company ofΒ Amphion. WellGenΒ usesΒ proprietary nutrigenomics technology to theΒ discovery ofΒ food and dietary supplement ingredients from plants and foods for the health and wellness markets. Under the agreement, Saydanah willΒ do preliminary research intoΒ the application of the WellGen technology and productsΒ inΒ the Gulf Region. In addition, MSA'sΒ secondΒ company,Β Suvani,Β which offers systems integration and support services inΒ Radio Frequency Identification in the Gulf region, hasΒ concluded a partnership with Amphion Partner Company, AXCESS International, Inc. Under this agreement SuvaniΒ will become the exclusive distributor of AXCESS' products in the Gulf Region. Amphion currently owns 50% of MSA.
Richard C.E. Morgan, Chief Executive Officer of Amphion, said:
"We are pleased by the continued progress made by Amphion and our Partner Companies over the last six months. The momentum is continuing and we expect to see further progress in the second half of 2008."
For further information please contact
Amphion Innovations plcCharlie Morgan, Director of Communications +1 212 210 6224 (New York)Β
Cardew Group Tim Robertson/ Jamie Milton/ Matthew Law +44 020 7930 0777 (London)
Charles Stanley SecuritiesΒ - Nominated AdviserMark Taylor / Freddy Crossley +44 20 7149 6000
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in high growth companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has significant shareholdingΒ in 10 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million.
On the web:Β www.amphionplc.com
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