Amphion Innovations Partner Company Myconostica Limited Closes £570,000 Round Financing
30 July 2007, London UK - Amphion Innovations plc today announces that its Partner Company, Myconostica Limited, a Manchester University spin-out that specialises in a new type of ‘molecular’ diagnostic test for infectious diseases, particularly life-threatening respiratory fungal infections, has raised £570,000 at £40 per share for the first close of a Series C Preferred financing. Amphion now owns approximately 34% on a fully diluted basis of Myconostica Ltd., which is now valued at £7.8 million post money.
Myconostica is developing and commercialising a menu of real-time molecular diagnostic tests for life-threatening fungal infections. Over 10 million people are at risk of these infections in Europe and the North America each year. A fundamental benefit of Myconostica’s tests is the fact that they are simple and can test for multiple fungi in a single process, thereby allowing much faster and more precise diagnosis.
The capital raised in this round of financing will support the launch and marketing of Myconostica’s first products, the MycXtra fungal DNA extraction system and PneuMyco a real-time molecular test for Aspergillus and Pneumocystis. These products are in the final stages of CE marking and will be formally launched at the Trends in Medical Mycology meeting in Turin on October 30th 2007. A US launch of the product is anticipated in Q2 2008.
Professor David Denning, Chief Executive of Myconostica, said:
“I am very pleased with the response to this financing as it allows us to continue the exceptionally rapid progress in the development of our company and our products, which we have made since Amphion’s initial round of investment last year. We are excited to be moving towards launching our first product later this year.”
Richard C.E. Morgan, Chief Executive Officer of Amphion Innovations plc, said:
“There is a huge need for faster and more precise diagnosis for infectious diseases, particularly fungal infections. Myconostica addresses these needs with diagnostic tests that not only are faster, but also have other health-care benefits such as reducing death rates, shortening recovery time and hospital stay, and reducing the high cost of care for these types of patients. We look forward to bringing Myconostica’s innovative and life saving products to both the market and patients.”
For further information please contact
Teresa Dietrich, Head of Communications
+44 (0)161 998 7239
Amphion Innovations plc
Charlotte Morgan, Marketing
+1 (212) 210-6224
John Gilbert, Public Relations
+44 207 269 7169
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 2007.
On the web: www.myconostica.co.uk
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 commercialize their intellectual property.
Please visit our website at www.amphionplc.com for more information.