10 Nov 2017 07:00
Amphion Innovations plc
("Amphion" or "the Company")
Update on Polarean Imaging Limited
London and New York, 10 November 2017 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, is pleased to announce an update regarding its partner company Polarean Imaging Limited ("Polarean"), in which Amphion currently has an interest of circa 26%.
Polarean is a revenue generating, late clinical stage medical company operating in the high resolution imaging market. Polarean develops equipment that enables existing MRI systems to achieve an improved level of pulmonary functional imaging and specialises in the use of polarised 129Xenon gas as an imaging agent to visualise ventilation and gas exchange in the lung. Polarean's technology could therefore enable the early stage diagnosis of pulmonary diseases, including Chronic Obstructive Pulmonary Disease (COPD). Polarean has clear guidance from the US Food and Drug Administration to commence a pivotal Phase III trial on its flagship drug-device platform.
Further to the Company's announcement of 31 May 2017, Polarean's proposed IPO and admission to AIM is progressing. As such, Northland Capital Partners ("Northland"), who are acting as Polarean's Nominated Adviser and Broker, has today published a research report on Polarean ahead of an investor roadshow (the "Northland Research Report").
The Northland Research Report anticipates a pre new money valuation of Polarean of circa US$29 million, compared with the valuation of circa US$22 million (on a post new money basis) which was implied by the pre-IPO fundraise of US$2 million, completed by Polarean in May 2017, and the further grant of options in Polarean.
The implied valuation in the Northland Research Report is based, amongst other things, on current market conditions and there can be no assurance that this valuation will be achieved at the conclusion of Polarean's IPO roadshow. Furthermore, there can be no assurance as to whether or when the IPO of Polarean may be completed, or as to the actual size or final terms of the IPO.
The distribution of the Northland Research Report, which is classified under FCA Rules as a non-independent marketing communication, is subject to a number of restrictions and as such will not be made available to retail investors.
Further announcements will be made by both Amphion and Polarean in due course.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Amphion Innovations | Tel: +1 (212) 210 6224 | ||||
Charlie Morgan | |||||
Panmure Gordon Limited (Nominated Adviser and Corporate Broker) | Tel: +44 (0)20 7886 2500 | ||||
Freddy Crossley / Duncan Monteith (Corporate Finance) | |||||
Charlie Leigh-Pemberton (Corporate Broking) | |||||
Northland Capital Partners Limited (Joint Corporate Broker) | Tel: +44 (0)20 3861 6625 | ||||
Patrick Claridge / David Hignell (Corporate Finance) | |||||
John Howes (Corporate Broking) | |||||
Walbrook PR | Tel: +44 (0)20 7933 8780 or | ||||
Mike Wort/ Paul McManus | amphion@walbrookpr.com | ||||
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and technology businesses. We use our extensive experience in company building to invest and build shareholder value in high growth companies in the US and UK. Amphion has significant shareholding in a small number of 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.
On the web: www.amphionplc.com