Amphion Innovations PLC Acquires a 30% Stake
in Medical Imaging Company
London, UK, 10 October 2005 - Amphion Innovations PLC (“Amphion”), the developer of life sciences businesses, has invested $1 million in Supertron Technologies, Inc taking Amphion’s stake to approximately 30% on a fully diluted basis.
Supertron is a private US business developing high performance medical imaging products that are able to dramatically improve the imaging capabilities of an MRI scanner. These scanners address the rapidly expanding opportunities that are developing in the clinical and pre-clinical global MRI imaging markets, valued at approximately $6 billion.
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. Supertron is also targeting emerging MRI research applications in the fields of molecular imaging, image-guided therapeutics, image-guided surgery, and orthopaedics imaging.
The Company is currently developing a number of next-generation MRI products in neuro imaging and pre-clinical imaging. In addition, the Company, with Harvard University as its partner, has won a $2.0 million Advance Technology Grant to accelerate the development of advanced MRI neuro-imaging.
Amphion also announces today the appointment of Richard Hullihen as new CEO of Supertron.
Mr. Hullihen is a 25 year veteran of the medical imaging industry. While working at GEC-Picker International and Marconi Medical Systems, Mr Hullihen held a variety of technology development and leadership positions in their MRI and Healthcare Information Systems businesses in bringing new technologies to global product markets. Mr Hullihen will replace the interim CEO Mr Joseph Flicek, managing director of Amphion, who will remain on the Board. Robert Bertoldi, president of Amphion, will also join the Supertron Board as Chairman.
Richard Hullihen, the new CEO of Supertron, said:
“Amphion’s strong experience in the imaging marketplace and its unique approach to growing life sciences businesses will help Supertron in its quest to become a successful participant in this strong growth marketplace.”
Richard Morgan, CEO of Amphion, added:
“Amphion has had considerable previous success in the medical imaging industry with the successful formation and growth of Vortech Data, which was acquired by Kodak for $130 million. Richard Hullihen is a key appointment for the business and his experience in this industry and proven leadership qualities are just what Supertron needs at this stage of its development.”
For further information please contact
Supertron Technologies Inc.
+1 973 639 1112 x 108
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747-7158
About Supertron Technologies Inc.
Supertron Technologies, a spin-out from Columbia University in New York and based in Newark, New Jersey, develops, manufactures and markets electronic components and systems based on cryo-cooling and high temperature superconductors’ technologies for Magnetic Resonance Imaging (MRI). The Company is targeting clinical and pre-clinical applications for neurological, cardiac, drug discovery, and image guided therapy applications. Supertron’s products will be used in a variety of clinical applications for the diagnosis and staging of disease, and the monitoring of therapeutics effects in pre-clinical studies in drug discovery. Supertron has Federal and State grants in-hand, supporting its market leading MRI developments.
On the web: www.supertron.com
About Amphion Innovations plc
Amphion Innovations plc recently listed on the AIM Exchange in London under the symbol AMP.L. Amphion'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 commercialize their intellectual property.
On the web: www.amphionplc.com