Amphion Selects Supertron as a Partner Company
New York, NY, March 28, 2005 - Amphion Capital Partners, (Amphion) is delighted to announce that Supertron Technologies Inc.(Supertron) is now a new partner company of Amphion. Supertron is a Columbia University spin-out based in Newark, NJ and is developing next-generation proprietary products for the rapidly growing Magnetic Resonance Imaging (MRI) marketplace.
Diagnostic imaging is now over a $100 billion industry in the United States. Imaging is the fastest growing type of physician service expenditure, with annual growth rates that are three times that of other physician services in the United States. Medical imaging is the family of technologies that include computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, X-ray, and positron emission tomography (PET). Medical imaging equipment shipments are over $8 billion in the US and $20 billion worldwide. There are over 20,000 MRI scanners operating worldwide and MRI patient scans are growing at 15% to 20% per year, with an estimated 60 million MRI patient scans in 2002
Amphion previously participated successfully in this industry with its former partner company, Vortech Data, which became a leader in digital image management systems for CTs and MRIs. Amphion was a co-founder of Vortech, provided and obtained all the funding and actively participated in the management and growth of the company. Amphion assisted in the development of a strategic partnership with Eastman Kodak and subsequently worked closely with the management in the sale of the company to Kodak for $130 million.
Amphion has remained interested in the MRI space as a high growth opportunity and sees Supertron in an excellent position to build a major business. Amphion has now made an initial investment in Superton and will work with Supertron as a partner company to assemble the resources necessary to grow the business. We are very excited about Supertron’s proprietary technologies for MRI imaging and the expert team assembled to access a number of large opportunities in the high growth MRI space. Currently, Supertron is the recipient of two major MRI product grants: a $2 million ATP-NIST grant with Dr. Jolez of Harvard and a $250,000 New Jersey Springboard grant with Dr. Biswal of the University of Medicine and Dentistry of New Jersey.
As announced previously, Joseph R. Flicek, the CEO of Supertron, has joined Amphion Capital Partners LLC as a Managing Director in our New York office. Over the next three to six months, Amphion will work with Joe as the interim CEO of Supertron to build up the management team and to transition the leadership of Supertron to someone else. Amphion is particularly excited about Supertron’s current and future opportunities in the rapidly growing medical imaging industry and we will keep you informed of developments taking place at Supertron.
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747 7158
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