Amphion Innovations, plc Offers Trading Update

16 Jan 2007 15:19

Amphion Innovations plc, a developer of companies in life sciencesand technology, today announces a trading update for the year ended 31December 2006, ahead of its Preliminary results announcement expectedmid-March, and the signing of a Heads of Agreement (see separateannouncement). £ Results for the period are expected to show a 33% increase in netasset value per share to approximately $0.34 at 31 December 2006(2005: $0.25). Net asset value per share in sterling is expected togrow by about 16% over the last year to 17.5p from about 15p, despitethe 14% adverse move in the dollar/pound exchange rate. £ The Company expects revenues of approximately $1.2 million, netprofit of about $7.7 million and the operating loss is expected to bearound $2.3 million. £ During the course of 2006, Amphion successfully implemented itsstrategy of adding another Partner Company to its portfolio by addingMyconostica, a spin-out from the University of Manchester specialisingin diagnostic testing for infectious diseases. £ All of Amphion's Partner Companies continued to show good progressthroughout the year illustrated by Supertron Technologies acquiringSpin Systems, an Australia-based manufacturer of MRI coils and otherimaging accessories. Following the acquisition, the enlarged companychanged its name to m2m Imaging Corporation, and will focus ondeveloping MRI coils and accessories for use in the medical imagingmarket for earlier disease detection and faster drug development. m2mis now generating a significant and rapidly growing level of revenue. £ Amphion experienced an unexpected challenge with the death ofDavid Evans, CEO of WellGen. The management of Amphion worked closelywith the WellGen Board and management to guide the company throughthis difficult period and to identify a new CEO. Wellgen is now backon track and making good progress under its new CEO, Dr. KathleenMullinix. £ Amphion also announces that it has closed a further placing of320,000 shares at 25p, raising a further GBP 80,000. Application hasbeen made for the shares to be admitted to trading and admission isexpected on 22 January 2007. Following admission the total number ofshares in issue will be 100,420,224. £ Richard C.E. Morgan, Amphion's Chief Executive Officer, said: £ "We have seen good growth in all phases of our operationsthroughout 2006. The estimated 16% growth in sterling terms in netasset value per share is a result of our commitment to build companiesbased on strong IP, proven technology and which are addressing largeunmet market needs." £ About Amphion Innovations plc £ Amphion Innovations plc is listed on the AIM Exchange in Londonunder the symbol AMP. Amphion's business is the formation, financing,management and development of life sciences and technology companies,primarily in the US and UK, working in partnership with corporations,governments, universities and entrepreneurs seeking to commercializetheir intellectual property. Amphion's management team has built morethan 30 companies in 20 years, all of which have achieved value inexcess of $120 million. £ On the web: www.amphionplc.com Copyright Business Wire 2007