AMP.L Regulatory News (AMP)

2 Mar 2006 09:12

Amphion Innovations PLC02 March 2006 Amphion Innovations PLC Partner Company Motif BioSciences Announces Completion of $1.875 Million Financing and Commencement of Arabian Gulf Sampling Program 02 March 2006 - Amphion Innovations plc's (Amphion) partner company MotifBioSciences (Motif), a population genetics company focused on the discovery ofgenes causing common diseases by utilising human genetic data from the Persian/Arabian Gulf region, announces that it has completed a $1.875 million financing,and has received and begun analysing the first sets of human genetic samplesfrom the Arabian Gulf. Amphion, the lead investor in this round, previously announced its $500,000investment on 3 January 2006, and holds a 47.22% stake in the Company. Thefinancing, which was oversubscribed, has since completed with a combination ofnew and existing investors. The additional investment will support Motif'ssample collection and sample analysis programs in the Persian/Arabian Gulf, aprogram now well underway with the recent acquisition and analysis of two setsof genetic data from the region. To support the Company's growing research and collaborative efforts, Motif hashired Kevin Arnold, formerly the Executive Director of Operations of GenaissancePharmaceuticals, to serve as Executive Director of Genomic Operations at Motif.Manish Pungliya, formerly Bioinformatics Scientist at GenaissancePharmaceuticals, has been hired to lead Motif's bioinformatics effort. Richard C.E. Morgan, CEO of Amphion and Chairman of the Board of Motif, said: "We are delighted to be moving forward with our programmes in the Gulf. Motifpromises to bring understanding of the genetic component of a variety of medicalafflictions in the region, ranging from rare disorders to ones, like diabetes,that are of interest to people around the world. This understanding can lead tobetter diagnosis and, hopefully, innovative therapeutic strategies to help thoseafflicted in the region and elsewhere." Stephen Cass, Chief Executive Officer of Motif, said: "The strong support of our existing investors, as well as the addition ofimportant new investors from the Gulf, is a great show of confidence in Motif'sstrong progress. In a region which we think holds perhaps the most promisingsources of future genetic disease discoveries, this latest round will enable usto aggressively pursue our research and work plan in the region. Given ourcurrent progress in acquiring samples, raising capital, and developingpartnerships with key Gulf healthcare organizations, we believe that 2006 can bea year of rapid growth for the Company's research program, pharma industryinterest, and shareholder value." For More Information: Financial DynamicsBen Atwell / John Gilbert +44 (0) 20 7831 3113 Amphion InnovationsRichard Morgan, CEO 1 (212) 210-6224Ben Austin, Investor Relations 1 (212) 210-6248baustin@amphionplc.com 1 (917) 686-3979 mobile About Amphion Innovations plc Amphion Innovations plc recently listed on the AIM Exchange in London under thesymbol AMP. Amphion's business is the formation, financing, management anddevelopment of life science and technology companies, working in partnershipwith corporations, governments, universities, and entrepreneurs seeking tocommercialize their intellectual property. On the Web: www.amphionplc.com About Motif BioSciences Motif BioSciences is a population genetics company focused on discovering genescausing common diseases by utilising human genetic data from the Persian/ArabianGulf region. Motif is headquartered in the US and London, with additionaloperations in the Gulf region to develop epidemiological, genealogical andgenetic information. On the Web: www.motifbio.com This information is provided by RNS The company news service from the London Stock Exchange