Re: Series C Financing

30 Jul 2007 07:01

Amphion Innovations PLC30 July 2007 Amphion Innovations Partner Company Myconostica Limited Closes £570,000 Round Financing 30 July 2007, London UK- Amphion Innovations plc today announces that itsPartner Company, Myconostica Limited, a Manchester University spin-out thatspecialises in a new type of 'molecular' diagnostic test for infectiousdiseases, particularly life-threatening respiratory fungal infections, hasraised £570,000 at £40 per share for the first close of a Series C Preferredfinancing. Amphion now owns approximately 34% on a fully diluted basis ofMyconostica Ltd., which is now valued at £7.8 million post money. Myconostica is developing and commercialising a menu of real-time moleculardiagnostic tests for life-threatening fungal infections. Over 10 million peopleare at risk of these infections in Europe and the North America each year. Afundamental benefit of Myconostica's tests is the fact that they are simple andcan test for multiple fungi in a single process, thereby allowing much fasterand more precise diagnosis. The capital raised in this round of financing will support the launch andmarketing of Myconostica's first products, the MycXtra fungal DNA extractionsystem and PneuMyco a real-time molecular test for Aspergillus and Pneumocystis.These products are in the final stages of CE marking and will be formallylaunched at the Trends in Medical Mycology meeting in Turin on October 30th2007. A US launch of the product is anticipated in Q2 2008. Professor David Denning, Chief Executive of Myconostica, said: "I am very pleased with the response to this financing as it allows us tocontinue the exceptionally rapid progress in the development of our company andour products, which we have made since Amphion's initial round of investmentlast year. We are excited to be moving towards launching our first productlater this year." Richard C.E. Morgan, Chief Executive Officer of Amphion Innovations plc, said: "There is a huge need for faster and more precise diagnosis for infectiousdiseases, particularly fungal infections. Myconostica addresses these needswith diagnostic tests that not only are faster, but also have other health-carebenefits such as reducing death rates, shortening recovery time and hospitalstay, and reducing the high cost of care for these types of patients. We lookforward to bringing Myconostica's innovative and life saving products to boththe market and patients." For further information please contact: Myconostica Ltd.Teresa Dietrich, Head of Communications+44 (0)161 998 7239 Amphion Innovations plcCharlotte Morgan, Marketing+1 (212) 210-6224 Financial DynamicsJohn Gilbert, Public Relations+44 207 269 7169 About Myconostica, Ltd.Myconostica is a University of Manchester spin-out company specialising inmolecular diagnostic tests for life-threatening respiratory fungal infection.Myconostica has its Head Office and laboratories in South Manchester, and hasstrong links to one of the University of Manchester's teaching hospital,Wythenshawe Hospital and the Regional Mycology Laboratory, Manchester. Foundedby David Denning, Professor of Medicine and Medical Mycology, with assistancefrom Nick Montague and the University of Manchester, Myconostica has a strongpipeline of products, the first of which will be launched in 2007. On the web: www.myconostica.co.uk 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. Please visit our website at www.amphionplc.com for more information. This information is provided by RNS The company news service from the London Stock Exchange