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23 May 2008 07:00
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Amphion Partner Company, Myconostica, Ltd.Β announces theΒ completion of aΒ Β£5.4 millionΒ fundraising and the appointment ofΒ a newΒ Non-Executive Director
London and New York,Β 23Β May 2008Β - Amphion Innovations plc (LSE: AMP), the developer of medical and technology businesses, today announces that its Partner Company, Myconostica Ltd., a University of Manchester spin-out that specialises in a new type of 'molecular' diagnostic test for infectious diseases, particularly life-threatening respiratory fungal infections,Β has raised a further Β£1 million from the UMIP Premier Fund ("UPF") atΒ Β£40 per share on the third close of the oversubscribed Series C Preferred financing, bringing the total raised in this SeriesΒ to Β£5.4 million.
Amphion now owns approximatelyΒ 23%Β on a fully diluted basis of Myconostica,Β Ltd., which is now valued, fully diluted, at approximatelyΒ Β£14Β million post money.
UPF was established in April 2008Β to make capital gain by investingΒ inΒ UniversityΒ ofΒ ManchesterΒ spin-out companies. This is their first investment in Myconostica and they join theΒ existing investors, principallyΒ Nexus Medical Partners (Boston,Β US), Innoven Partenaires (Paris), Medicis Ventures (Munich),Β and Amphion Innovations, the lead investor from the first round.Β Β With funding from a broad range ofΒ UKΒ and European institutional and supranational investors, includingΒ EIF (European Investment Fund), the Fund has initial backing of β¬42 million (Β£32 million).
Fungal pneumonia is the leading cause of infectious death in leukaemia and after bone marrow transplantation is the most common first manifestation of AIDS. Myconostica's test detects the two most common causes of fungal pneumonia, which account for over 95% of cases, in less than 4 hours.
The total capital raised in this financing will support the launch of Myconostica's first two products.Β Β The first product is the world's first real-time molecular diagnostic simultaneously testing for both Aspergillus and Pneumocystis. The second product is a fungal DNA extraction system. The clinical studies supporting CE marking, which enables sales in Europe and several other territories, were presented at Europe's leading infectious disease conference (ECCMID) inΒ BarcelonaΒ in April of this year. The investment will also allow development and launch of further diagnostic tests in the FXGTMΒ series targeting other critical fungal infections, such as the fungi causing sepsis and bloodstream infections.Β Β Myconostica will be applying to the FDA for regulatory approval to launch the products in theΒ USΒ market.
Myconostica is also delighted to welcome to their BoardΒ Dr.Β David Holbrook, who leads the healthcare practice of MTI, the managerΒ of the UPF fund.
David, a qualified doctor, has worked in hospital medicine before joining management consultants LEK and later working in Business Development and Licensing with leadingΒ Pharmaceutical companies.Β Β David subsequently headed upΒ ImperialΒ College's spin-out operations and seed fund. Immediately prior to joining MTI, Dr Holbrook was on the board of Onyvax Limited, a vaccines company.Β Β He has an MA fromΒ OxfordΒ and an MBA from Harvard.
Jerel Whittingham, Chief Executive Officer of Myconostica commented on the completion of the third and final close of the funding round,Β "We have succeeded in attracting leading international investors in the sector who know we can only succeed commercially by making a real difference medically. At such a difficult time in financial markets, Myconostica's success in this oversubscribed fund-raising is a tremendous endorsement of both our rapid progress to date and of our commercial prospects".Β
RichardΒ C.E.Β Morgan, Amphion's Chief Executive Officer said, "With the close of thisΒ successfulΒ financing, we look forward toΒ bringingΒ Myconostica'sΒ innovative products to market in order to help the many patients who suffer from respiratory fungal infections each year".
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
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:Β www.amphionplc.com
About Myconostica,Β Ltd.
Myconostica is aΒ UniversityΒ ofΒ ManchesterΒ spin-out company specialising in molecular diagnostic tests for life-threatening respiratory fungal infection. Myconostica has its Head Office and laboratories in South Manchester, and has strong links to one of theΒ UniversityΒ ofΒ Manchester's teaching hospital,Β WythenshaweΒ HospitalΒ and the Regional Mycology Laboratory,Β Manchester. Founded by David Denning, Professor of Medicine and Medical Mycology, with assistance from Nick Montague and theΒ UniversityΒ ofΒ Manchester, Myconostica has a strong pipeline of products, the first of which will be launched in 2008.
On the web:Β www.myconostica.co.uk
About The UMIP Premier Fund ("UPF")
UPFΒ invests in businesses emerging from The University of Manchester's "5-star" rated academic departments. The University's technology transfer company, UMIP, undertakes the stringent business selection of the investments and the fund is managed by theΒ UK's leading technology investment manager, MTI Partners.
The Fund will primarily make late-seed stage investments, in a total of 15 - 20 companies, initially in the Β£250k - Β£750k range, with both the intention and capacity to provide follow-on investment up to Β£3m.
The UMIP Premier Fund is supported by the European Union through theΒ
"Competitiveness and Innovation Framework Programme" ("CIP").
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