AMP.L Regulatory News (AMP)

8 Apr 2008 07:00

Amphion Innovations PLC08 April 2008 Amphion's Partner Company, Myconostica Ltd., closes further £3.9 million round financing London and New York, 8 April 2008 - Amphion Innovations plc (LSE: AMP), thedeveloper of medical and technology businesses, today announces that its PartnerCompany, Myconostica Ltd., a University of Manchester spin-out that specialisesin a new type of 'molecular' diagnostic test for infectious diseases,particularly life-threatening respiratory fungal infections, has raised £3.9million at £40 per share on the second close of the oversubscribed currentSeries C Preferred financing, bringing the total raised in the Series Cfinancing to £4.4 million. Amphion now owns approximately 25% on a fully diluted basis of Myconostica Ltd.,which is now valued, fully diluted, at approximately £12 million post money.Nexus Medical Partners (US), Innoven Partenaires (France), and several other UKand international investors joined Amphion in the round. Myconostica is developing and commercialising a series of real-time moleculardiagnostic tests for life-threatening fungal infections. Over 10 million peopleare at risk of these infections in Europe and North America each year. Afundamental benefit of Myconostica's tests is the fact that they are simple andcan detect multiple fungi in a single process, thereby allowing faster and moreprecise diagnosis. The capital raised in this round of financing will support the launch andmarketing of Myconostica's first products, FXGTM: RESP (ASP +) a real-timemolecular test for Aspergillus and Pneumocystis, an associated fungal DNAextraction system, MycXtraTM, and development of further tests in the FXG seriestargeting other critical infections. The FXGTM: RESP (ASP +) products, announcedat the Trends in Medical Mycology meeting in Turin in October 2007, are in thefinal stages of CE marking, which will enable immediate sales in Europe andseveral other territories. A US launch of the products is anticipated in Q42008. Myconostica is also pleased to welcome Dr. Edwin Snape to its Board. Britishborn, Dr. Snape is co-founder and head of the healthcare practice at NexusMedical Partners in Boston, MA, and has been involved in venture investing forthe past 25 years. He brings further valuable commercial and diagnostics sectorexpertise to the company. Commenting on the announcement, Professor David Denning, founder of Myconosticaand a world leading authority on fungal disease at South Manchester UniversityHospital, said, "I am very pleased with the level and quality of internationalresponse to this financing opportunity as it allows us to continue the rapidprogress in the development of our company and our current and future products.The medical need for these products is clear and growing as recent tragic eventshere in the North West have illustrated." Richard C.E. Morgan, Chief Executive Officer of Amphion Innovations plc, andMyconostica board member said, "There is a pressing need for faster and moreprecise diagnosis of infectious diseases, particularly fungal infections.Myconostica addresses this need with diagnostic tests that are fast andaccurate. In addition to reduced mortality rates, these tests offer otherhealth-care benefits such as more appropriate medication, shorter recovery timeand reduced hospital stay, thus reducing the high cost of care for these typesof patients." For further information please contact: Amphion Innovations plcCharlie Morgan, Communications Director+1 (212) 210-6224 (New York) Cardew GroupTim Robertson/ Jamie Milton/ Matthew Law, +44 (0)20 7930 0777 (London) Charles Stanley Securities- Nominated Advisor Mark Taylor/ Freddy Crossley +44 (0)20 7149 6000 About Amphion Innovations plc Amphion (LSE: AMP) builds shareholder value in high growth companies in themedical and technology sectors, by using a focused, hands-on company buildingapproach, based on decades of experience in both the US and UK. Amphion has significant shareholding in 10 Partner Companies developing proventechnologies targeting substantial commercial marketplaces, each in excess of $1billion. Each Partner Company is chosen with the goal of achieving an exitvaluation in excess of $100 million. On the web: www.amphionplc.com About Myconostica Ltd. Myconostica is a University of Manchester spin-out company specialising inmolecular diagnostic tests for life-threatening respiratory fungal infection.Myconostica has its Head Office and laboratories in South Manchester, and hasstrong links to one of the University of Manchester's teaching hospital,Wythenshawe Hospital and the Regional Mycology Laboratory, Manchester. Foundedby David Denning, Professor of Medicine and Medical Mycology, with assistancefrom Nick Montague and the University of Manchester, Myconostica has a strongpipeline of products, the first of which will be launched in 2008. On the web: www.myconostica.co.uk This information is provided by RNS The company news service from the London Stock Exchange