Amphion Innovations plc AGM Statement
London, UK, 7 June 2007 — Amphion Innovations plc (“Amphion”), the developer of companies in the life sciences and medical technology sectors, announces that its AGM will be held today at the offices of Financial Dynamics in London at 12:00. The following is a summary of comments to be made by Richard C. E Morgan, Chief Executive Officer.
At the preliminary results in March, Amphion announced the strong progress made throughout 2006, reporting significant developments with each of the Partner Companies and a 33% rise in NAV per share. The Company also announced the addition of Myconostica and MSA as new Partner Companies and the 4x return from the exit of Beijing MedPharm. Since the results, the Company and its Partner Companies have continued to show encouraging developments which are highlighted below.
Durham Scientific Crystals is advancing well as it uses funds raised in February to further commercialise its advanced imaging technologies. In support of this rapid development, DSC recently announced the appointment of a new CFO, Mr. Mike Creedon, to provide operational expertise to the management team going forward. Mr. Creedon was previously a consultant to NextGen Group plc and prior to that he was Finance Director for Ideal Shopping Direct plc. DSC has also recently hired Mr. Ian Radley as Technical Operations Director. Mr. Radley previously held a number of senior positions in Oxford Instruments, both in the UK and USA, and is the holder of 11 patents on new technologies developed for x-ray beam-optic integration.
MSA continues to show great promise, and Amphion has now completed the incorporation of MSA in Bahrain. This has triggered the second phase of investment in the company, and the establishment of two additional companies to be managed by MSA, Saydanah and Suvani. The joint venture's objective continues to be to identify new investment opportunities in the region in areas of Amphion expertise, provide strong access to capital and opportunities from both existing and new Gulf investors, and create new markets and strategic partnerships for Amphion's Partner Companies. The establishment of Saydanah and Suvani are the first results of this joint venture and we are excited by the further opportunities which will arise from this initiative in the Gulf throughout the year.
Motif BioSciences, the population genetics company in the Persian Gulf region, continues to make strong progress into 2007. Amphion’s close involvement with Motif underscores its commitment to establishing itself in the Gulf region, now the world’s third fastest growing economy. As part of Motif's ongoing commitment to its operations in the Gulf, the Company also named Dr. Faisal Al-Refaei to be its Regional Director in the region.
Since the prelims, the investment by Amphion in Myconostica has allowed it to further develop its products, intellectual property, and build up its management and marketing teams, and it recently appointed a new CFO, Mr. David P. Beswitherick, who has spent the last fourteen years with Manchester United, ultimately as Group Company Secretary and Director of Group Services.
Richard C.E. Morgan, Chief Executive Officer of Amphion, said:
"We are delighted with the strong progress made by all of our Partner Companies since our prelim results. We believe our model has created companies primed for commercialisation in large, growing markets and we look towards the remainder of 2007 with great confidence in both the Amphion model, and the results it has generated for our Partner Companies."
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747-7158
+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, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialise their intellectual property.
On the web: www.amphionplc.com