AMP.L Regulatory News (AMP)

24 Jul 2006 07:02

Amphion Innovations PLC24 July 2006 AMPHION INNOVATIONS PLC PARTNER COMPANY SUPERTRON RAISES $3.5 MILLION IN SERIES C FINANCING July 24 2006 - Amphion Innovations plc today announced that one of its partnercompanies, Supertron Technologies, Inc. a leading developer of next-generationsolutions for high-performance preclinical and clinical Magnetic ResonanceImaging (MRI) coils, probes and accessories, has raised $3.5 million in a SeriesC financing. The round was originally intended to close at $3 million, but the financingincreased due to overwhelming investor demand. As a result of this financing thevalue of Amphion's investment in Supertron will increase from $1.1 million at 31December 2005 to $3.6 million. Amphion's strategy is to invest in and support the growth process of companies,like Supertron, that answer broad-based, unmet market needs with provensolutions and predictable results. Supertron's products dramatically improve theimaging capabilities of conventional MRI scanners. The products greatly enhancethe MRI image quality, reduce scan time in existing scanners and greatly lowerthe cost. These factors ultimately result in earlier disease detection, fasterdrug development, and integrated and/or guided therapeutics. In addition to designing clinical and pre-clinical MRI coils, Supertron is alsodesigning cryogenic coils that increase speed and allow for imaging of bodyparts in motion. The cryogenic coils also improve resolution, which enablesdoctors to see smaller structures. Its solutions are applicable in both high andlow-field clinical, preclinical and research scanning environments. Supertron is also targeting emerging MRI research applications in the fields ofmolecular imaging, image-guided therapeutics, image-guided surgery, andorthopedics imaging. The company is currently developing a number ofnext-generation MRI products in neuro imaging and pre-clinical imaging. Based in Newark, NJ, Supertron has filed four patents and has collaborated inpartnership with Harvard Medical School, Columbia University, StanfordUniversity, University of Medicine and Dentistry of New Jersey, New JerseyInstitute of Technology and University of Queensland, Australia. "We are very pleased that investors and partners recognize the potential inSupertron which is at the forefront of innovations in life sciences," saidRichard C.E. Morgan, Chief Executive Officer of Amphion. "Clearer and fasterMRIs will help doctors detect diseases earlier and it will help researchersdramatically reduce the time it takes to get vitally important new drugs tomarket." The latest round of financing will support product development, intellectualproperty management, critical staffing, marketing, financing fees and costs, andpotential acquisitions. "We are excited by the market response to our offering and the recognition ofthe value of our gateway to improved performance for the magnetic resonanceimaging industry as a whole, which our product and technology set offers," saidC. Richard Hullihen, Chief Executive Officer of Supertron. For more information please contact: Amphion Innovations plcJosh Berkman, Media Relations +1 (646) 747-7158 SupertronCameron Barnard +1 973 639 1112 Financial Dynamics +44 207 269 7169Ben AtwellJohn Gilbert About Supertron Supertron is a market leading developer and manufacturer of superconducting andcryogenically cooled preclinical and clinical MRI coils and accessories.Supertron's gateway technology MRI coils have demonstrated capability ofdramatically increasing speed and resolution of the MRI scanner. Supertron'scoils have been demonstrated at leading medical institutions such as ColumbiaPresbyterian, Brigham and Women's Hospital, Harvard Medical School, DukeUniversity, and overseas at Hong Kong University. On the Web: www.supertron.com About Amphion Innovations plcAmphion Innovations plc is listed on the AIM Exchange in London under the symbolAMP. Amphion develops and operates companies in the life science and medicaltechnology markets, working in partnership with corporations, governments,universities, and entrepreneurs seeking to commercialize their intellectualproperty using its proven company creation and building process. On the Web: www.amphionplc.com This information is provided by RNS The company news service from the London Stock Exchange