Amphion Innovations plc Acquires 35% Stake In University of Manchester Molecular Diagnostic Spin-Out Company
London, UK, 20 November 2006 - Amphion Innovations plc, the developer of life science and medical technology businesses, announces today that it has invested £1 million in its latest Partner Company, Myconostica Ltd, an award winning University of Manchester spin-out.
Myconostica is a company specialising in a new type of 'molecular' diagnostic test for infectious diseases, particularly life-threatening respiratory fungal infections, allowing much faster and more precise diagnosis. These tests will have significant health-care benefits, such as reducing death rates, shortening recovery times and hospital stay, and reducing the high cost of care for these types of patients. The Company has secured a significant international intellectual property position in advances in molecular diagnostics including licences from the University of Manchester, the Public Health Research Institute (PHRI) in Newark, New Jersey, and other leading research centres.
Amphion’s investment will give it a stake of 35% on a fully diluted basis and will allow Myconostica to further develop its products, intellectual property, and build up its management and marketing teams. Amphion’s participation will also accelerate access to key US markets.
Life-threatening fungal infections remain the most common cause of infectious death in many types of acutely ill patients, for example those who have undergone transplants or those who are suffering from infections affecting their immune system, such as HIV. Myconostica’s tests produce results in hours, rather than the days currently required, greatly improving the time to treatment. Clinical studies are scheduled to start in Q1 2007 with international regulatory approvals in the 2nd and 3rd quarters of 2007. The market size for respiratory diagnostics for fungal infection alone is estimated to be in excess of $100 million annually, part of a wider molecular diagnostics opportunity. The worldwide market of molecular tests of various sorts is expected to grow to over $12 billion by 2010.
Myconostica’s founder and acting Chief Executive, Professor David Denning, commented:
“The medical need for rapid diagnosis of respiratory fungal infections has never been so strong. Myconostica can provide a much faster and clearer diagnosis significantly improving the time to treat infected patients. Currently, these infections are responsible for mortality rates of 40-90%. Other strategies, such as precautionary treatment with antifungal drugs, can only be partially successful in combating these infections.
Amphion CEO Richard C.E. Morgan commented:
"In partnership with Amphion, we believe that Myconostica can become a leading supplier of a new generation of diagnostic tools that will provide more accurate diagnosis and in a fraction of the time currently required. This is a great market opportunity, which will also provide enormous benefits to patients worldwide."
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, primarily in the US and UK, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialize their intellectual property.
On the web: www.amphionplc.com
About Myconostica, Ltd.
Myconostica is a University of Manchester spin-out company specialising in molecular diagnostic tests for life-threatening respiratory fungal infection. Myconostica is located in South Manchester, and has strong links to one of the University of Manchester’s teaching hospitals, Wythenshawe Hospital, and the Regional Mycology Laboratory. Founded by Dr. David Denning, professor of medicine and medical mycology, with assistance from Nick Montague and UMIP, the company will soon move into offices with excellent laboratory space. Myconostica has plans to develop additional molecular tests once its first product has been launched.
On the web: www.myconostica.co.uk
The PHRI has just merged with the University Medical and Dental School of New Jersey, with which is co-located to expand its mission of delivering top quality publicly funded research in infectious diseases. It has an impressive track record over many decades in contributing to Public Health. It owns the molecular beacon patent portfolio, which has been extensively licensed in many diagnostic fields, including several FDA approved molecular tests.
On the web: www.phri.org
The University of Manchester Intellectual Property Limited (UMIP) is the managing agent of The University of Manchester for intellectual property commercialisation. UMIP's role is to enhance the scale and quality of the University's intellectual property development and commercialisation activities. UMIP works in highly positive relationships with researchers, entrepreneurs, business people, professional advisers, and investors to achieve its goals.
On the web: www.UMIP.co.uk