Amphion Innovations Completes IPO
London, England, 22 August 2005 - Amphion Innovations PLC (“Amphion”), a developer of life sciences companies, announces that it has successfully completed its Initial Public Offering on the AIM market of the London Stock Exchange.
The offering comprises a total of 20 million new shares being issued by Amphion at 25 pence per share. This corresponds to gross proceeds to Amphion of £5 million (£4.1 million net of expenses).
A total of 90 million shares will be in issue immediately following the IPO, corresponding to a market capitalisation of £22.5 million.
The Company’s shares are expected to commence trading on AIM on 23 August 2005 under the ticker symbol AMP.
Nabarro Wells & Co. Limited acted as nominated advisor to the company, and Westhouse Securities LLP acted as broker.
Amphion is a new holding company formed to acquire the existing business of Amphion Capital Partners LLP (“ACP LLC”). ACP LLC’s business is the formation, financing, management and development of life science and technology companies, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialise their intellectual property.
During the last 20 years, members of the management team, led by Richard Morgan, have been involved in building over 30 technology-driven companies, generating significant returns. Prior to the formation of the current portfolio, the team has created six life sciences companies, of which Vortech, Sequus and Medisense were sold for combined proceeds of over $1.6 billion, and Quidel, La Jolla and Celgene are currently trading on NASDAQ with a combined market capitalisation as at 30 June 2005 of over $8 billion. Celgene itself is now one of the world’s largest life sciences companies.
Amphion’s successful investment model is based on active involvement in a small number of companies, large ownership positions and robust risk management through careful selection of proven, defensible intellectual property. As well as an ability to source innovations from universities and corporations, Amphion has considerable experience in introducing disruptive technology to address unmet market needs, using internal resources and a network of strategic partners.
Amphion has acquired ACP LLC’s business including its current investments in seven portfolio companies. Since inception in 2003, over $2 million has been invested in these companies and as at 31 March 2005, the Directors’ valuation in the audited accounts was more than $11 million. Amphion expects to add one new company to the portfolio each year and a number of new opportunities are currently under review. Exit opportunities are normally expected to be through sale or distribution of shares following a flotation, or through a trade sale of the portfolio company.
Amphion intends to use the net proceeds from the placing to invest in existing and new portfolio companies, and for working capital.
Richard Morgan, Chief Executive Officer of Amphion, said:
“We are delighted to have completed the IPO and raised the additional capital to expand the company. The team has a first class track record in developing and growing life sciences businesses. With the profile and cash from the IPO Amphion is now better placed to continue its rapid development.”
For further information please contact
Amphion Innovations plc
Richard C. E. Morgan, CEO
Robert J. Bertoldi, President & Chief Financial Officer
+44 (0)207 016 8821
Nabarro Wells & Co Ltd
+44 (0)79 764 4509
+44 (0)20 7710 7400
Westhouse Securities LLP
+ 44 (0)20 7601 6112
Ben Atwell / John Gilbert
+44 (0)20 7831 3113
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
Notes to editors
About Amphion and Management
Although Amphion Innovations is a recently formed company, Richard Morgan and Robert Bertoldi, the company’s two senior managers, have been working together for many years with other members of the team. The management team has created and developed more than 30 technology-driven companies in the information technology, physical and life sciences industries. Throughout its history, the team has maintained significant involvement with many of the companies it has helped to create even after they have become public, including Celgene, Medisense, SEQUUS, and Quidel. The management team was closely involved in the negotiation and sale of Medisense and SEQUUS as well as in the sale of several other of these companies. Medisense, which was acquired by Abbott Laboratories for $900 million as a pubic company, remains today one of the most successful university spinouts in the UK.
Prior to Richard Morgan’s involvement in the company, he was founder and CEO of VennWorks LLC. He is also the managing general partner of Amphion Partners LLC (formerly Wolfensohn Partners, LP). Before joining Wolfensohn, he spent 15 years with Schroders PLC, most recently as managing director of J. Henry Schroder Wagg and Co, where as chairman of the investing committee, he supervised the management of over $50 billion in investment assets. Mr Morgan currently serves as chairman of three Amphion portfolio companies (Axcess, Firestar and Motif BioSciences) and is a member of the board of directors of one additional portfolio company (WellGen). He is also on the board of Celgene Corporation.
Robert Bertoldi has been working with Richard Morgan for approximately 20 years. He was a founder, president and CFO of Vennworks LLC and a general partner of Amphion Partners LLC. Prior to that he was chief financial officer for James D. Wolfensohn and Hambro America, Inc. Mr Bertoldi has over 20 years’ experience in the venture capital industry and has been directly involved in raising and investing over $250 million in venture capital funds.
Amphion’s current portfolio contains seven companies. Fuller descriptions of the portfolio can be found at www.amphionplc.com
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