AMP.L Regulatory News (AMP)

13 Nov 2006 14:58

Amphion Innovations plc ("Amphion"), a developer of life sciencesand technology businesses, announces today that one of its PartnerCompanies, Supertron Technologies ("Supertron"), a developer of highperformance clinical and preclinical imaging products for magneticresonance imaging (MRI), has acquired Spin Systems, an Australia basedmanufacturer of MRI coils and other imaging accessories. Following theacquisition, the enlarged company will change its name to m2m ImagingCorporation ("m2m") to encapsulate the broad spectrum of"molecule-to-man" imaging products the new combined company isdeveloping. £ Spin Systems was acquired by Superton for 313,878 Series CPreferred Shares valued at $5.00 per share and $752,284 in cash. Thetotal consideration of the acquisition was $2,322,000. £ Supertron Chief Executive Officer C. Richard Hullihen will serveas the CEO of the combined company. Amphion will be the largeststrategic investor in m2m with a 23.5% percent ownership interest. Thepost acquisition value for m2m is $20m based on the offering price ofthe Series C Round, closed in July 2006. £ m2m will combine Spin Systems' well-established portfolio of MRIcoils and accessories with Supertron's cryogenic coil technology. Thecryogenic coil has been shown to dramatically improve the performanceof the MRI scanner, producing significantly clearer images in lesstime. £ Richard C. E. Morgan, Amphion's Chief Executive Officer, said: £ "m2m's evolution demonstrates the strength of Amphion's companybuilding model. Since Supertron became one of Amphion's PartnerCompanies, we have developed it rapidly from a University start-upinto an established, revenue producing company, with industry leadingpartners, strong technology and world class management. £ "The cryogenic coils have the potential to provide doctors andclinicians with much needed superior imaging for earlier diseasedetection and faster drug development. m2m's products greatly enhanceMRI imaging by reducing scan time, greatly lowering the cost andproducing significantly clearer images." £ About Amphion Innovations plc £ Amphion Innovations plc (AMP) is listed on the AIM of the LondonStock Exchange. Amphion's business activities are the formation,financing, management and development of life sciences and technologycompanies, working in partnership with corporations, governments,universities and entrepreneurs seeking to commercialize theirintellectual property. £ Website: www.amphionplc.com £ About m2m Imaging Corp. £ m2m Imaging is a market leading developer and manufacturer ofconventional and cryogenic preclinical and clinical MRI coils andimaging accessories. Our gateway technology MRI coils havedemonstrated capability of significantly increasing speed andresolution of the MRI scanner for imaging molecules to man. m2m'scoils have been demonstrated at leading medical institutions such asBrigham & Women's Hospital of Harvard Medical School. £ Website: www.m2mimaging.com Copyright Business Wire 2006