AMP.L Regulatory News (AMP)

7 Nov 2006 10:24

Amphion Innovations PLC07 November 2006 Amphion Innovations Partner Company Durham Scientific Crystals Closes £875,000 Financing London, UK - 7 November 2006 - Amphion Innovations plc today announces that itsPartner Company, Durham Scientific Crystals Ltd. (DSC), a Durham Universityspin-out developing state-of-the-art semiconductor materials for the medicalimaging and security imaging markets, has raised an initial £875,000 at £2 pershare for the first close of a larger Series F financing. Amphion now owns 26.3%of Durham Scientific Crystals which is now valued at £8.3m post money. DSC has developed a breakthrough technology that is significant in thetransition from analogue to digital x-ray imaging. The Company hascommercialised the use of materials based on cadmium telluride, the premierchoice for use as digital detectors of x-rays and gamma rays, and will allow forsignificantly improved imaging in markets such as airport security and medicalimaging. Cadmium telluride materials are currently too expensive and too difficult toproduce to be used in large scale commercial applications. DSC, however, hasdeveloped a breakthrough production method to produce these crystals from avapour phase, rather than the conventional liquid based techniques, enabling thecrystals to be produced at an attractive cost and quality enabling their largescale commercial use in the future. The transformation to digital x-ray scanners in security imaging will be asignificant improvement as the technology will allow much faster screening anddirect 'fingerprinting' of dangerous materials such as liquid bombs and plasticexplosive, which are currently hard to distinguish from other plastics. In medical imaging, cadmium telluride will offer significant advantages over thecurrent materials including greater sensitivity to x-rays to enable fasterimaging and lower dosing, and will increase the ability to understand diseases,such as Alzheimer's and Cancer, and detect them in their early stages, The capital raised in this latest round of financing will support continuedresearch and development, staffing and overhead expenses. DSC is also workingwith non-commercial partners to optimise its crystals with electrode technologythat makes it easier to integrate them into the electronic infrastructure ofscanners. Richard C.E. Morgan, Chief Executive Officer of Amphion, said: "Due to the recent security issues in our airports, and the continued desire todiagnose and treat diseases earlier, there is a large growing need for faster,more effective and clearer digital imaging. We believe that DSC has thetechnology to meet these needs and this financing signifies that our investorsand partners see DSC as a company poised for tremendous growth and value thetechnology and recognise its prospects." Dr Arnab Basu, Chief Executive Officer of Durham Scientific Crystals, said: "We are excited by the response of the investment community and these funds willallow us to accelerate our R&D as we further continue to commercialise ourproducts to significantly improve imaging in the security and medical markets." For further information please contact: Amphion Innovations plcJosh Berkman, Media Relations +1 (646) 747-7158 Financial Dynamics +44 207 269 7169Ben AtwellJohn Gilbert About Amphion Innovations plc Amphion Innovations plc is listed on the AIM Exchange in London under the symbolAMP. Amphion's business is the formation, financing, management and developmentof life sciences and technology companies, working in partnership withcorporations, governments, universities and entrepreneurs seeking tocommercialize their intellectual property. Durham Scientific Crystals, Ltd. Durham Scientific Crystals, Ltd. is a research and development company, whichwas spun-out from the Physics Department of the University of Durham. Thecompany was formed in April 2003 and has been actively involved in the researchand development of semiconductor materials, in conjunction with the Universityresearch labs. DSC's technological expertise is a result of over three decadesof semiconductor research at the University of Durham. DSC is located in Sedgefield, County Durham, England and is developingnext-generation proprietary products and processes based around keysemiconductor optoelectronic materials used in medical and securityapplications. This information is provided by RNS The company news service from the London Stock Exchange