13 Nov 2013 07:00
Amphion Partner Company, WellGen Inc., Awarded NIH SBIR Grant
London and New York, November 13, 2013 - Amphion Innovations plc (LSE: AMP) today announces that Partner Company, WellGen Inc., which develops natural products with medicinal properties backed by rigorous scientific research, was recently awarded a National Institute of Health ("NIH") grant of $293,244.
The NIH grant was awarded for WellGen's Small Business Innovation Research("SBIR") proposal, entitled "Controlling Type 2 Diabetes with Proprietary Natural Extracts in Medicinal Foods". Being awarded an SBIR from the NIH is extremely competitive with only about 10% of proposals receiving a grant. We are very pleased WellGen has been selected and the company is already in the process of starting experiments. Laura Philips, CEO of WellGen, said "With this grant we are able to complete experiments critical to bringing a medical food product to market for the 26 million people in the US and over 300 million people worldwide who suffer from Type 2 Diabetes."
The experiments include using two of WellGen's proprietary extracts in animal models that have been designed to simulate Type 2 Diabetes in humans. These experiments are the required precursor before clinical trials in humans. If successful, the company will be eligible to apply for a much larger grant to fund human clinical trials.
Dietary Supplements and Sports Drink
WellGen has also begun product development discussions with a sports products company based in the Midwest that currently markets and sells a rapid rehydration drink that is low in sodium and high in potassium. They are looking for their next product concept and believe they can leverage their existing brand and distribution channels with a second product line based on WellGen's Black Tea Extract product.
Richard Morgan, CEO of Amphion and Chairman of WellGen, said, "The positive response we have seen from the NIH and sports beverage industries reinforces our belief in the inherent value of the company and its technology."
For further information please contact
Amphion InnovationsCharlie Morgan+1 212 210 6224
Novella Communications Tim Robertson / Ben Heath+44 020 3151 7008
Panmure Gordon Limited Freddy Crossley / Grishma Patel (Corporate Finance)Adam Pollock (Corporate Broking)+44 020 7886 2500
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in emerging 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 7 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. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
On the web: www.amphionplc.com