Amphion’s Partner Company, Myconostica Ltd.,
Closes Further £3.9 Million Round Financing
London and New York, 8 April 2008 - Amphion Innovations plc (LSE: AMP), the developer of medical and technology businesses, today announces that its Partner Company, Myconostica Ltd., a University of Manchester spin-out that specialises in a new type of ‘molecular’ diagnostic test for infectious diseases, particularly life-threatening respiratory fungal infections, has raised £3.9 million at £40 per share on the second close of the oversubscribed current Series C Preferred financing, bringing the total raised in the Series C financing to £4.4 million.
Amphion now owns approximately 25% on a fully diluted basis of Myconostica Ltd., which is now valued, fully diluted, at approximately £12 million post money. Nexus Medical Partners (US), Innoven Partenaires (France), and several other UK and international investors joined Amphion in the round.
Myconostica is developing and commercialising a series of real-time molecular diagnostic tests for life-threatening fungal infections. Over 10 million people are at risk of these infections in Europe and North America each year. A fundamental benefit of Myconostica’s tests is the fact that they are simple and can detect multiple fungi in a single process, thereby allowing faster and more precise diagnosis.
The capital raised in this round of financing will support the launch and marketing of Myconostica’s first products, FXG: RESP (ASP +)™ a real-time molecular test for Aspergillus and Pneumocystis, an associated fungal DNA extraction system, MycXtra™, and development of further tests in the FXG series targeting other critical infections. The FXG: RESP (ASP +)™ products, announced at the Trends in Medical Mycology meeting in Turin in October 2007, are in the final stages of CE marking, which will enable immediate sales in Europe and several other territories. A US launch of the products is anticipated in Q4 2008.
Myconostica is also pleased to welcome Dr. Edwin Snape to its Board. British born, Dr. Snape is co-founder and head of the healthcare practice at Nexus Medical Partners in Boston, MA, and has been involved in venture investing for the past 25 years. He brings further valuable commercial and diagnostics sector expertise to the company.
Commenting on the announcement, Professor David Denning, founder of Myconostica and a world leading authority on fungal disease at South Manchester University Hospital, said, “I am very pleased with the level and quality of international response to this financing opportunity as it allows us to continue the rapid progress in the development of our company and our current and future products. The medical need for these products is clear and growing as recent tragic events here in the North West have illustrated.”
Richard C.E. Morgan, Chief Executive Officer of Amphion Innovations plc, and Myconostica board member said, “There is a pressing need for faster and more precise diagnosis of infectious diseases, particularly fungal infections. Myconostica addresses this need with diagnostic tests that are fast and accurate. In addition to reduced mortality rates, these tests offer other health-care benefits such as more appropriate medication, shorter recovery time and reduced hospital stay, thus reducing the high cost of care for these types of patients.”
For further information please contact
Amphion Innovations plc
Charlie Morgan, Director of Communications
+1 212 210 6224 (New York)
Tim Robertson/ Jamie Milton/ Matthew Law
+44 020 7930 0777 (London)
Charles Stanley Securities - Nominated Adviser
Mark Taylor / Freddy Crossley
+44 20 7149 6000
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in high growth companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has significant shareholding in 10 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million.
On the web: www.amphionplc.com
About Myconostica Ltd.
Myconostica is a University of Manchester spin-out company specialising in molecular diagnostic tests for life-threatening respiratory fungal infection. Myconostica has its Head Office and laboratories in South Manchester, and has strong links to one of the University of Manchester’s teaching hospital, Wythenshawe Hospital and the Regional Mycology Laboratory, Manchester. Founded by David Denning, Professor of Medicine and Medical Mycology, with assistance from Nick Montague and the University of Manchester, Myconostica has a strong pipeline of products, the first of which will be launched in 2008.
On the web: www.myconostica.co.uk