27 May 2008 07:00
Amphion Innovations plc Partner Company Durham Scientific Crystals, Ltd. Closes £1.6 million Fundraising
London and New York, 27 May 2008 - Amphion Innovations plc (LSE: AMP) ("Amphion") the developer of medical and technology businesses, today announces that its Partner Company, Durham Scientific Crystals, Ltd. ("DSC") has successfully raised £1.6 million at £8 per share in a Series J financing., DSC, a Durham University spin-out, is pioneering digital colour imaging using x-rays. The Company is applying ground breaking innovation in materials technology and advanced 3D imaging, radically changing the way x-ray imaging is currently done,
Amphion now owns approximately 21% of the issued voting share capital on a fully diluted basis. At £8 per share, DSC is currently valued at £46.5 million following this financing.
The principle use of these funds will be used to enable the continuation of the research and development programme, market research, the commercialisation of products spun-out of research and development, and the initial sales of products in the industrial and security sectors. DSC has signed a contract with the UK Home Office to develop a liquid and small object scanner and airport checkpoint baggage scanners and is progressing similar commercial opportunities in this sector and other areas where the Company's technology can be widely applied.
Richard C.E. Morgan, CEO of Amphion Innovations said, "Despite a more challenging fundraising environment, we have successfully raised an additional £1.6 million at double the valuation of the previous financing. This is a testament to the strength of DSC's innovative technology and we look forward to further positive developments in the future."
Dr. Arnab Basu, Chief Executive Officer of Durham Scientific Crystals said, "The Company is making great progress on both technical and commercial fronts and the support from our investors in this financing round is again a testament to our ability to reach targets and achieve goals."
DSC produces radically improved and more cost effective semiconductor materials than are currently available, which are used in detectors for medical, security, and defense digital x-ray imaging. The Company has commercialised the use of materials based on cadmium telluride, the premier choice for use as digital detectors of x-rays and gamma rays, and will allow for significantly improved imaging in markets such as airport security and medical imaging. In addition to its range of semiconductor materials, detector packages, and non imaging detection systems, DSC also supplies x-ray imaging packages with multi-view capabilities. These x-ray display platforms provide real 3D x-ray imaging for the first time, without specialist viewing equipment.
Cadmium telluride materials are currently too expensive and too difficult to produce to be used in large scale commercial applications. DSC, however, has developed a breakthrough production method to produce these crystals from a vapour phase, rather than the conventional liquid based techniques, enabling the crystals to be produced at an attractive cost and quality enabling their large scale commercial use in the future. The Company is currently developing detectors and its novel imaging system platform based on its fundamental competence of producing high grade cadmium telluride material and its novel 3D XRA™ imaging platforms.
For further information please contact
Amphion Innovations plc Charlotte Morgan, Communications +1 212 210 6224
Cardew Group Tim Robertson/ Jamie Milton/ Matthew Law +44 020 7930 0777 (London)
Charles Stanley Securities - Nominated AdviserMark Taylor / Freddy Crossley +44 20 7149 6000
Durham Scientific Crystals, Ltd. Arnab Basu, CEO +44 1740 625 255
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 shareholding 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: www.amphionplc.com
About Durham Scientific Crystals, Ltd.
Durham Scientific Crystals, Ltd. ("DSC") is a research and development company, which was spun-out from the Physics Department of the University of Durham. The company, based in Sedgefield, County Durham, was formed in April 2003 and has been actively involved in the research and development of semiconductor materials and its unique 3D imaging modality. The company has a world leading capability in manufacturing the cadmium telluride family of semiconductor materials via its patented production process. These materials are used in high performance detectors of x-rays and gamma rays in multiple international markets, including medical imaging, security screening, and industrial inspection. DSC's detectors will enable fast digital imaging, using lower radiation dosage, together with precise materials identification.
In addition to the range of semiconductor materials and non-imaging products, DSC also offers XRA™ imaging packages with True Multi View™ capability and software for material detection. The XRA™ provides real 3D imaging with positional mapping facility for in-line processes at high speed.
On the web: www.dscrystals.com