AMP.L Regulatory News (AMP)

7 Jun 2007 07:01

Amphion Innovations PLC07 June 2007 Amphion Innovations AGM Statement London, UK - 7 June 2007 - Amphion Innovations plc ("Amphion"), the developer ofcompanies in the life sciences and medical technology sectors, announces thatits AGM will be held today at the offices of Financial Dynamics in London at 12:00. The following is a summary of comments to be made by Richard C. E Morgan,Chief Executive Officer. At the preliminary results in March, Amphion announced the strong progress madethroughout 2006, reporting significant developments with each of the PartnerCompanies and a 33% rise in NAV per share. The Company also announced theaddition of Myconostica and MSA as new Partner Companies and the 4x return fromthe exit of Beijing MedPharm. Since the results, the Company and its PartnerCompanies have continued to show encouraging developments which are highlightedbelow. Durham Scientific Crystals is advancing well as it uses funds raised in Februaryto further commercialise its advanced imaging technologies. In support of thisrapid development, DSC recently announced the appointment of a new CFO, Mr. MikeCreedon, to provide operational expertise to the management team going forward.Mr. Creedon was previously a consultant to NextGen Group plc and prior to thathe was Finance Director for Ideal Shopping Direct plc. DSC has also recentlyhired Mr. Ian Radley as Technical Operations Director. Mr. Radley previouslyheld a number of senior positions in Oxford Instruments, both in the UK and USA,and is the holder of 11 patents on new technologies developed for x-raybeam-optic integration. MSA continues to show great promise, and Amphion has now completed theincorporation of MSA in Bahrain. This has triggered the second phase ofinvestment in the company, and the establishment of two additional companies tobe managed by MSA, Saydanah and Suvani. The joint venture's objective continuesto be to identify new investment opportunities in the region in areas of Amphionexpertise, provide strong access to capital and opportunities from both existingand new Gulf investors, and create new markets and strategic partnerships forAmphion's Partner Companies. The establishment of Saydanah and Suvani are thefirst results of this joint venture and we are excited by the furtheropportunities which will arise from this initiative in the Gulf throughout theyear. Motif BioSciences, the population genetics company in the Persian Gulf region,continues to make strong progress into 2007. Amphion's close involvement withMotif underscores its commitment to establishing itself in the Gulf region, nowthe world's third fastest growing economy. As part of Motif's ongoingcommitment to its operations in the Gulf, the Company also named Dr. FaisalAl-Refaei to be its Regional Director in the region. Since the prelims, the investment by Amphion in Myconostica has allowed it tofurther develop its products, intellectual property, and build up its managementand marketing teams, and it recently appointed a new CFO, Mr. David P.Beswitherick, who has spent the last fourteen years with Manchester United,ultimately as Group Company Secretary and Director of Group Services. Richard C.E. Morgan, Chief Executive Officer of Amphion, said: "We are delighted with the strong progress made by all of our Partner Companiessince our prelim results. We believe our model has created companies primed forcommercialisation in large, growing markets and we look towards the remainder of2007 with great confidence in both the Amphion model, and the results it hasgenerated for our Partner Companies." For further information please contact: Amphion Innovations plcJosh Berkman, Media Relations +1 (646) 747-7158 Financial Dynamics +44 207 269 7169John 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, working in partnership withcorporations, governments, universities and entrepreneurs seeking tocommercialise their intellectual property. This information is provided by RNS The company news service from the London Stock Exchange