Amphion Innovations plc Signs Memorandum of Understanding with University of Manchester Spinout Myconostica Ltd.

June 6, 2006 - Amphion Innovations plc (LSE:AMP - "Amphion"), the developer of technology and life sciences businesses, announces that it has signed a memorandum of understanding (MoU) with Myconostica Ltd which grants Amphion an exclusivity period in which to agree final terms on an investment in Myconostica as its next Partner Company. Myconostica is a spin out of the University of Manchester, with close links to other leading research institutions in the US and Europe, which is developing products focused on the more speedy, accurate and cost effective diagnosis of infectious diseases.

Amphion CEO Richard Morgan commented, "In partnership with Amphion, this company will become a leading supplier of a new generation of diagnostic tools that will provide more accurate diagnosis and in a fraction of the time currently required. This is a great market opportunity which will also provide enormous benefits to patients worldwide and we look forward to working with Myconostica to finalise terms in the next few weeks."

Clive Rowland, CEO of UMIP (The University of Manchester Intellectual Property Limited), said, "UMIP is delighted to be developing a partnership with Amphion whereby Amphion will bring its expertise and networks to bear on the funding of Myconostica. This is another example of the dynamic arrangements for spin-out development which is a feature of The University's technology transfer success story."

For further information please contact

Amphion Innovations plc
Jerel Whittingham, Managing Director
+44 (0) 777 909 5604

Amphion Innovations - US
Ben Austin, Investor Relations
+1 (212) 210 6224

Financial Dynamics
Ben Atwell / John Gilbert
+44 207 831 3113

Westhouse Securities
Tim Metcalfe
+44 (0) 207 601 6100

Myconostica Ltd.
Nick Montague
+44 (0) 773 856 0687

About Myconostica, Ltd.
Myconostica is a University of Manchester spin-out company specialising in molecular diagnostic tests for life-threatening respiratory fungal infection. Myconostica is located in South Manchester, and has strong links to one of the University of Manchester’s teaching hospitals, Wythenshawe Hospital, and the Regional Mycology Laboratory. Founded by Dr. David Denning, professor of medicine and medical mycology, with assistance from Nick Montague and UMIP, the company will soon move into offices with excellent laboratory space. Myconostica has plans to develop additional molecular tests once its first product has been launched.

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About Amphion Innovations plc
Amphion Innovations plc is quoted on AIM market of the London Stock Exchange under the symbol AMP. Amphion's business is the formation, financing, management and development of life sciences and technology companies, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialise their intellectual property.

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