Amphion Innovations Partner Company Durham Scientific Crystals Closes £875,000 Financing
London, UK, 7 November 2006 - Amphion Innovations plc today announces that its Partner Company, Durham Scientific Crystals Ltd. (DSC), a Durham University spin-out developing state-of-the- art semiconductor materials for the medical imaging and security imaging markets, has raised an initial £875,000 at £2 per share for the first close of a larger Series F financing. Amphion now owns 26.3% of Durham Scientific Crystals which is now valued at £8.3m post money.
DSC has developed a breakthrough technology that is significant in the transition from analogue to 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 transformation to digital x-ray scanners in security imaging will be a significant improvement as the technology will allow much faster screening and direct fingerprinting’ of dangerous materials such as liquid bombs and plastic explosive, which are currently hard to distinguish from other plastics. In medical imaging, cadmium telluride will offer significant advantages over the current materials including greater sensitivity to x-rays to enable faster imaging and lower dosing, and will increase the ability to understand diseases, such as Alzheimer’s and Cancer, and detect them in their early stages, The capital raised in this latest round of financing will support continued research and development, staffing and overhead expenses. DSC is also working with non-commercial partners to optimise its crystals with electrode technology that makes it easier to integrate them into the electronic infrastructure of scanners.
Richard C.E. Morgan, Chief Executive Officer of Amphion, said:
"Due to the recent security issues in our airports, and the continued desire to diagnose and treat diseases earlier, there is a large growing need for faster, more effective and clearer digital imaging. We believe that DSC has the technology to meet these needs and this financing signifies that our investors and partners see DSC as a company poised for tremendous growth and value the technology and recognise its prospects.”
Dr Arnab Basu, Chief Executive Officer of Durham Scientific Crystals, said:
“We are excited by the response of the investment community and these funds will allow us to accelerate our R&D as we further continue to commercialise our products to significantly improve imaging in the security and medical markets.”
For further information please contact
Amphion Innovations plc
Josh Berkman, Media Relations
+1 (646) 747-7158
Ben Atwell / John Gilbert
+44 207 269 7169
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
About Durham Scientific Crystals, Ltd.
Durham Scientific Crystals, Ltd. 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.co.uk