WellGen Series C Financing

29 Oct 2007 07:00

Amphion Innovations PLC29 October 2007 Amphion Innovations plc Amphion Partner Company, WellGen Inc., Completes $9.5 million Series C Financing London and New York, October 29, 2007 - Amphion Innovations plc (LSE: AMP) thedeveloper of medical and technology businesses, today announces that one of itsPartner Companies, WellGen, Inc., a biotechnology company using nutrigenomics todiscover and develop food ingredients for wellness products, has raised $9.5million in an oversubscribed Series C financing at $2.50 per share. Amphion nowowns approximately 15.3 per cent of the issued voting share capital on a fullydiluted basis. Following this fundraising, WellGen is now valued at $61.6million post new money. The capital raised from this latest round of financing will help WellGen advanceits anti-obesity ingredient for functional foods, including the launch of ahuman study that has already received Institutional Review Board approval, andto conduct further studies on its recently patented product, WG0401, an enrichedblack tea extract which has demonstrated inflammation-fighting properties inmultiple studies in humans. The financing will also enable WellGen to completefully equipping a state-of-the-art molecular biology and natural productschemistry laboratory, and hire additional technical personnel. In addition,WellGen is working to fill its pipeline with new, scientifically validatedingredients with health benefits for food and beverage applications. TheCompany also anticipates advancing several new ingredient candidates in the newfacilities before the year's end. Dr. Kathleen Mullinix, Chief Executive Officer of WellGen, said, "We are verypleased with WellGen's progress as we are in the midst of bringing our firstingredient to market. This new round of financing will help us reinforceWellGen's early leadership position in the emerging field of nutrigenomics andfunctional foods." In July 2007 a patent was awarded for WG0401 and its proveninflammation-fighting properties. WG0401 will initially be marketed as afunctional food ingredient that promotes joint health and comfort, supportsimmune-system defense and anti-aging, and contributes to cardiovascular health.The Company is also studying additional uses for the product. Richard Morgan, Chief Executive Officer of Amphion Innovations plc, said: "Weare very pleased with the investment community's enthusiastic response to thisfinancing. WellGen continues to make great strides as a Partner Company and webelieve that its exceptional scientific and managerial team is on the cusp ofcreating significant value from the Company's proprietary products andtechnologies." For more information please contact: Amphion Innovations plcCharlie Morgan +1 212 210 6224 Financial DynamicsBen Atwell +44 20 7831 3113 Charles Stanley Securities (Nominated Advisor)Mark Taylor +44 20 7149 6000 About Amphion Innovations plc Amphion Innovations plc (LSE: AMP) builds shareholder value in high growthcompanies in the medical and technology sectors. Amphion uses a focused,hands-on company building approach based on decades of experience in both the USand UK. On the web: www.amphionplc.com About WellGen WellGen, Inc., based in North Brunswick, NJ, is a biotechnology company that isdiscovering and developing products for food, therapeutics, and dietarysupplement markets with a strategic focus on functional foods. WellGen'sproprietary technology platform is a method of screening the effect of food andrelated substances on the expression of genes associated with human healthconditions. The company has developed proprietary substances that help maintainhealth and reduce risk and severity for a variety of diseases. On the web: www.wellgen.com This information is provided by RNS The company news service from the London Stock Exchange