Amphion Innovations, plc Trading Update
16 January 2007, London, UK – Amphion Innovations plc, a developer of companies in life sciences and technology, today announces a trading update for the year ended 31 December 2006, ahead of its Preliminary results announcement expected mid-March, and the signing of a Heads of Agreement (see separate announcement).
Results for the period are expected to show a 33% increase in net asset value per share to approximately $0.34 at 31 December 2006 (2005: $0.25). Net asset value per share in sterling is expected to grow by about 16% over the last year to 17.5p from about 15p, despite the 14% adverse move in the dollar/pound exchange rate.
The Company expects revenues of approximately $1.2 million, net profit of about $7.7 million and the operating loss is expected to be around $2.3 million.
During the course of 2006, Amphion successfully implemented its strategy of adding another Partner Company to its portfolio by adding Myconostica, a spin-out from the University of Manchester specialising in diagnostic testing for infectious diseases.
All of Amphion’s Partner Companies continued to show good progress throughout the year illustrated by Supertron Technologies acquiring Spin Systems, an Australia-based manufacturer of MRI coils and other imaging accessories. Following the acquisition, the enlarged company changed its name to m2m Imaging Corporation, and will focus on developing MRI coils and accessories for use in the medical imaging market for earlier disease detection and faster drug development. m2m is now generating a significant and rapidly growing level of revenue.
Amphion experienced an unexpected challenge with the death of David Evans, CEO of WellGen. The management of Amphion worked closely with the WellGen Board and management to guide the company through this difficult period and to identify a new CEO. Wellgen is now back on track and making good progress under its new CEO, Dr. Kathleen Mullinix.
Amphion also announces that it has closed a further placing of 320,000 shares at 25p, raising a further £80,000. Application has been made for the shares to be admitted to trading and admission is expected on 22 January 2007.Following admission the total number of shares 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 operations throughout 2006. The estimated 16% growth in sterling terms in net asset value per share is a result of our commitment to build companies based on strong IP, proven technology and which are addressing large unmet market needs.”
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747 7158
Ben Atwell/John Gilbert
+44 207 269 7169
About Amphion Innovations plc
Amphion Innovations plc is listed on the AIM Exchange in London under 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 commercialize their intellectual property. Amphion’s management team has built more than 30 companies in 20 years, all of which have achieved value in excess of $120 million.
On the web: www.amphionplc.com