Ampeak Energy Regulatory News (AMP)

14 Aug 2007 07:00

Amphion Innovations PLC14 August 2007 Amphion Innovations plc Partner Company Durham Scientific Crystals Ltd. Closes £3.5 million Fundraising London, UK - 14 August 2007 - Amphion Innovations plc ("Amphion") todayannounces that its Partner Company, Durham Scientific Crystals Ltd. ("DSC"), aDurham University spin-out focused on the application of its uniquesemi-conducting materials for digital detectors in x-ray imaging, hassuccessfully raised £3.5 million at £4 per share in an oversubscribed Series Hfinancing. Amphion now owns approximately 22% of the issued voting sharecapital on a fully diluted basis. Following this fundraising, DSC is now valuedat £22.16 million post money. The principle use of these funds will be used in three major areas - productdevelopment, expansion of the operational team, and capital expenditure for bothproduction and product development areas. DSC produces radically improved and more cost effective semiconductor materialsthan are currently available, which are used in detectors for medical, security,and defence digital x-ray imaging. The Company has commercialised the use ofmaterials based on cadmium telluride, the premier choice for use as digitaldetectors of x-rays and gamma rays, and will allow for significantly improvedimaging in markets such as airport security and medical imaging. Cadmium telluride materials are currently too expensive and too difficult toproduce to be used in large scale commercial applications. DSC, however, hasdeveloped a breakthrough production method to produce these crystals from avapour phase, rather than the conventional liquid based techniques, enabling thecrystals to be produced at an attractive cost and quality enabling their largescale commercial use in the future. The Company is currently developingdetectors and its novel imaging system platform based on its fundamentalcompetence of producing high grade cadmium telluride material. Richard C.E. Morgan, CEO of Amphion Innovations said: "The recent security threats in airports in the UK and elsewhere are a starkreminder of the need for more effective, more rapid, and clearer digitalimaging. DSC's innovative technology can help address these security issues andalso has the potential to make a major impact in medical imaging, where x-rayremains one of the most important modalities. DSC is poised to enable a newgeneration of x-ray imaging systems that will help radiologists detect diseasesmore accurately and at an earlier stage. Good news for Amphion's PartnerCompanies is good news for Amphion, and the very positive response to thisfinancing is an endorsement of the strength of DSC's technology, which shouldencourage Amphion shareholders. I look forward to many exciting developments asDSC moves these products to market in the near future." Arnab Basu, CEO of Durham Scientific Crystals said: "The success of this funding round reflects the increasing investor confidencein DSC. We have doubled the value of our shareholders' investment in just ninemonths by remaining focused on delivering key milestones, while maintaining ourinnovative edge. This latest funding round also marks another significantexpansion of the company as we continue to work towards launching our firstproduct." For further information: Durham Scientific Crystals, Ltd. 44 1740 625 255Arnab Basu, CEO Amphion Innovations plc +1 212 210-6224Charlotte Morgan, Communications Financial Dynamics +44 207 269 7169John Gilbert, Public Relations Seymour Pierce +44 207 107 8000David Newton 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. Thecompany was formed in April 2003 and has been actively involved in the researchand development of semiconductor materials, in conjunction with the Universityresearch labs. DSC's technological expertise is a result of over three decadesof semiconductor research at the University of Durham. DSC is located in Sedgefield, County Durham, England and is developingnext-generation proprietary products and processes based around keysemiconductor optoelectronic materials used in medical and securityapplications. On the web: www.dscrystals.com 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 tocommercialize their intellectual property. On the web: www.amphionplc.com This information is provided by RNS The company news service from the London Stock Exchange