23 Nov 2017 07:00
Amphion Innovations plc
("Amphion" or "the Company")
Further Update on Polarean Imaging Limited
London and New York, 23 November 2017 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces a further update regarding its partner company Polarean Imaging Limited ("Polarean"), in which Amphion currently has an interest of circa 26%.
Further to the Company's announcement of 10 November 2017, Polarean's proposed IPO and admission to AIM is now expected to complete in Q1 2018. Following publication of the Northland Research Report, the management of Polarean is now seeking interim funding to ensure there are adequate financial resources to complete the proposed IPO and gain the best result for Polarean's shareholders. As a result of the proposed interim financing, the anticipated monies to be raised and implied valuation set out in the Northland Research Report, published 10 November 2017, may be revised to take account of any interim money raised.
The implied valuation in the Northland Research Report is based, amongst other things, on current market conditions and there can be no assurance that this valuation will be achieved at the conclusion of Polarean's future IPO roadshow. Furthermore, there can be no assurance as to whether or when the IPO of Polarean may be completed, or as to the actual size or final terms of the IPO.
Further announcements will be made by both Amphion and Polarean in due course.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Certain capitalised terms in this announcement are with reference to the announcement made by Amphion at 7.00 a.m. (GMT) on 10 November 2017.
For further information please contact:
Amphion Innovations | Tel: +1 (212) 210 6224 | ||||
Charlie Morgan | |||||
Panmure Gordon Limited (Nominated Adviser and Corporate Broker) | Tel: +44 (0)20 7886 2500 | ||||
Freddy Crossley / Duncan Monteith (Corporate Finance) | |||||
Charlie Leigh-Pemberton (Corporate Broking) | |||||
Northland Capital Partners Limited (Joint Corporate Broker) | Tel: +44 (0)20 3861 6625 | ||||
Patrick Claridge / David Hignell (Corporate Finance) | |||||
John Howes (Corporate Broking) | |||||
Walbrook PR | Tel: +44 (0)20 7933 8780 or | ||||
Mike Wort/ Paul McManus | amphion@walbrookpr.com | ||||
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and technology businesses. We use our extensive experience in company building to invest and build shareholder value in high growth companies in the US and UK. Amphion has significant shareholding in a small number of Partner Companies developing proven technologies targeting substantial commercial marketplaces. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies.
On the web: www.amphionplc.com
About Polarean Imaging Limited
Polarean is a revenue generating, late clinical stage medical company operating in the high resolution imaging market. Polarean develops equipment that enables existing MRI systems to achieve an improved level of pulmonary functional imaging and specialises in the use of polarised 129Xenon gas as an imaging agent to visualise ventilation and gas exchange in the lung. Polarean's technology could therefore enable the early stage diagnosis of pulmonary diseases, including Chronic Obstructive Pulmonary Disease (COPD). Polarean has clear guidance from the US Food and Drug Administration to commence a pivotal Phase III trial on its flagship drug-device platform.