Amphion Innovations plc Partner Company Motif BioSciences Announces Completion of $1.875 Million Financing and Commencement of Arabian Gulf Sampling Program
New York City, March 2, 2006 - Amphion Innovations plc's (LSE:AMP.L) partner company Motif BioSciences (Motif), a population genetics company focused on the discovery of genes causing common diseases by utilizing human genetic data from the Persian/Arabian Gulf region, announces that it has completed a $1.875 million financing and has received and begun analyzing the first sets of human genetic samples from the Arabian Gulf.
Amphion Innovations plc (Amphion), the lead investor in this round, previously announced its $500,000 investment on January 3, 2006 and holds a 47.22% stake in Motif. The financing, which was oversubscribed, has since completed with a combination of new and existing investors. The additional investment will support Motif's sample collection and sample analysis programs in the Persian/Arabian Gulf, a program now well underway with the recent acquisition and analysis of two sets of genetic data from the region.
To support Motif's growing research and collaborative efforts, the company has hired Kevin Arnold, formerly the Executive Director of Operations of Genaissance Pharmaceuticals, to serve as Executive Director of Genomic Operations at Motif. Manish Pungliya, formerly Bioinformatics Scientist at Genaissance Pharmaceuticals, has been hired to lead Motif's bioinformatics effort.
Richard C.E. Morgan, CEO of Amphion and Chairman of the Board of Motif, said:
"We are delighted to be moving forward with our programs in the Gulf. Motif promises to bring understanding of the genetic component of a variety of medical afflictions in the region, ranging from rare disorders to ones, like diabetes, that are of interest to people around the world. This understanding can lead to better diagnosis and, hopefully, innovative therapeutic strategies to help those afflicted in the region and elsewhere."
Stephen Cass, Chief Executive Officer of Motif, said:
"The strong support of our existing investors, as well as the addition of important new investors from the Gulf, is a great show of confidence in Motif's strong progress. In a region which we think holds perhaps the most promising sources of future genetic disease discoveries, this latest round will enable us to aggressively pursue our research and work plan in the region. Given our current progress in acquiring samples, raising capital, and developing partnerships with key Gulf healthcare organizations, we believe that 2006 can be a year of rapid growth for the Company's research program, pharma industry interest, and shareholder value."
For further information please contact
Ben Atwell / John Gilbert
+44 (0) 20 7831 3113
Richard Morgan, CEO
1 (212) 210-6224
Ben Austin, Investor Relations
1 (212) 210-6248
About Motif BioSciences
Motif BioSciences is a population genetics company focused on discovering genes causing common diseases by utilizing human genetic data from the Persian/Arabian Gulf region. Motif is headquartered in the US and London, with additional operations in the Gulf region to develop epidemiological, genealogical and genetic information.
On the Web: www.motifbio.com
About Amphion Innovations plc
Amphion Innovations plc recently listed on the AIM Exchange in London under the symbol AMP. Amphion's business is the formation, financing, management and development of life science and technology companies, working in partnership with corporations, governments, universities, and entrepreneurs seeking to commercialize their intellectual property.
On the web: www.amphionplc.com