Amphion Innovations plc
Partner Company Durham Scientific Crystals Ltd.
Closes £3.5 million Fundraising
14 August 2007 - Amphion Innovations plc (“Amphion”) today announces that its Partner Company, Durham Scientific Crystals Ltd. (“DSC”), a Durham University spin-out focused on the application of its unique semi-conducting materials for digital detectors in x-ray imaging, has successfully raised £3.5 million at £4 per share in an oversubscribed Series H financing. Amphion now owns approximately 22% of the issued voting share capital on a fully diluted basis. Following this fundraising, DSC is now valued at £22.16 million post money.
The principle use of these funds will be used in three major areas - product development, expansion of the operational team, and capital expenditure for both production and product development areas.
DSC produces radically improved and more cost effective semiconductor materials than are currently available, which are used in detectors for medical, security, and defence digital x-ray imaging. The Company has commercialised the use of materials based on cadmium telluride, the premier choice for use as digital detectors of x-rays and gamma rays, and will allow for significantly improved imaging in markets such as airport security and medical imaging.
Cadmium telluride materials are currently too expensive and too difficult to produce to be used in large scale commercial applications. DSC, however, has developed a breakthrough production method to produce these crystals from a vapour phase, rather than the conventional liquid based techniques, enabling the crystals to be produced at an attractive cost and quality enabling their large scale commercial use in the future. The Company is currently developing detectors and its novel imaging system platform based on its fundamental competence of producing high grade cadmium telluride material.
Richard C.E. Morgan, CEO of Amphion Innovations said:
“The recent security threats in airports in the UK and elsewhere are a stark reminder of the need for more effective, more rapid, and clearer digital imaging. DSC’s innovative technology can help address these security issues and also has the potential to make a major impact in medical imaging, where x-ray remains one of the most important modalities. DSC is poised to enable a new generation of x-ray imaging systems that will help radiologists detect diseases more accurately and at an earlier stage. Good news for Amphion’s Partner Companies is good news for Amphion, and the very positive response to this financing is an endorsement of the strength of DSC’s technology, which should encourage Amphion shareholders. I look forward to many exciting developments as DSC moves these products to market in the near future.
Arnab Basu, CEO of Durham Scientific Crystals said:
“The success of this funding round reflects the increasing investor confidence in DSC. We have doubled the value of our shareholders’ investment in just nine months by remaining focused on delivering key milestones, while maintaining our innovative edge. This latest funding round also marks another significant expansion of the company as we continue to work towards launching our first product.
For further information please contact
Durham Scientific Crystals, Ltd.
Arnab Basu, CEO
+44 1740 625 255
Amphion Innovations plc
Charlotte Morgan, Communications
+1 212 210-6224
John Gilbert, Public Relations
+44 207 269 7169
+44 207 107 8000
About Durham Scientific Crystals, Ltd.
Durham Scientific Crystals, Ltd. (“DSC”) is a research and development company, which was spun-out from the Physics Department of the University of Durham. The company was formed in April 2003 and has been actively involved in the research and development of semiconductor materials, in conjunction with the University research labs. DSC’s technological expertise is a result of over three decades of semiconductor research at the University of Durham.
DSC is located in Sedgefield, County Durham, England and is developing next-generation proprietary products and processes based around key semiconductor optoelectronic materials used in medical and security applications.
On the web: www.dscrystals.com
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.
On the web: www.amphionplc.com