Amphion Innovations Partner Company Supertron
Raises $3.5 Million In Series C Financing
Newark, NJ, 24 July 2006 – Amphion Innovations plc today announced that one of its partner companies, Supertron Technologies, Inc. a leading developer of next-generation solutions for high-performance preclinical and clinical Magnetic Resonance Imaging (MRI) coils, probes and accessories, has raised $3.5 million in a Series C financing.
The round was originally intended to close at $3 million, but the financing increased due to overwhelming investor demand. As a result of this financing the value of Amphion’s investment in Supertron will increase from $1.1 million at 31 December 2005 to $3.6 million.
Amphion’s strategy is to invest in and support the growth process of companies, like Supertron, that answer broad-based, unmet market needs with proven solutions and predictable results. Supertron’s products dramatically improve the imaging capabilities of conventional MRI scanners. The products greatly enhance the MRI image quality, reduce scan time in existing scanners and greatly lower the cost. These factors ultimately result in earlier disease detection, faster drug development, and integrated and/or guided therapeutics.
In addition to designing clinical and pre-clinical MRI coils, Supertron is also designing cryogenic coils that increase speed and allow for imaging of body parts in motion. The cryogenic coils also improve resolution, which enables doctors to see smaller structures. Its solutions are applicable in both high and low-field clinical, preclinical and research scanning environments.
Supertron is also targeting emerging MRI research applications in the fields of molecular imaging, image-guided therapeutics, image-guided surgery, and orthopedics imaging. The company is currently developing a number of next-generation MRI products in neuro imaging and pre-clinical imaging.
Based in Newark, NJ, Supertron has filed four patents and has collaborated in partnership with Harvard Medical School, Columbia University, Stanford University, University of Medicine and Dentistry of New Jersey, New Jersey Institute of Technology and University of Queensland, Australia.
“We are very pleased that investors and partners recognise the potential in Supertron which is at the forefront of innovations in life sciences,” said Richard C.E. Morgan, Chief Executive Officer of Amphion.
“Clearer and faster MRIs will help doctors detect diseases earlier and it will help researchers dramatically reduce the time it takes to get vitally important new drugs to market.”
The latest round of financing will support product development, intellectual property management, critical staffing, marketing, financing fees and costs, and potential acquisitions.
“We are excited by the market response to our offering and the recognition of the value of our gateway to improved performance for the magnetic resonance imaging industry as a whole, which our product and technology set offers,” said C. Richard Hullihen, Chief Executive Officer of Supertron.
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747-7158
+1 973 639 1112
Ben Atwell / John Gilbert
+44 207 269 7169
Supertron is a market leading developer and manufacturer of superconducting and cryogenically cooled preclinical and clinical MRI coils and accessories. Supertron’s gateway technology MRI coils have demonstrated capability of dramatically increasing speed and resolution of the MRI scanner. Supertron's coils have been demonstrated at leading medical institutions such as Columbia Presbyterian, Brigham and Women's Hospital, Harvard Medical School, Duke University, and overseas at Hong Kong University.
On the Web: www.supertron.com
About Amphion Innovations plc
Amphion Innovations plc is listed on the AIM Exchange in London under the symbol AMP. Amphion develops and operates companies in the life science and medical technology markets, working in partnership with corporations, governments, universities, and entrepreneurs seeking to commercialize their intellectual property using its proven company creation and building process.
On the web: www.amphionplc.com