Amphion Partner Company, Kromek,
Completes £12.3 Million Fund Raising
London and New York, 15 March 2010 – Amphion Innovations plc (LSE: AMP) (“Amphion” or the “Company”), the developer of medical and technology businesses, today announces that its Partner Company, Kromek, which specialises in the development of disruptive technology solutions for a range of commercial markets including airport and border security, announces it has raised £12.3 million in the second close of the oversubscribed Series D financing.
The current financing has been raised from a predominantly private investor base, but investment has also been secured from corporate and institutional sources. Following this financing, Amphion now owns 17% of Kromek, on a fully diluted basis, which is now valued at £52 million.
The additional capital will provide Kromek with the opportunity to further expand its activities, through extension of its business facilities to enable further product development, as well as significantly enhance its commercial activities in its target market sectors.
Kromek has developed a family of products for the global aviation and border security markets to combat threats posed by liquid based explosives and smuggling of narcotics dissolved in alcohol. The company’s bottle scanning product offers a unique solution to the current ban on the carriage of liquids, though airport terminals.
Kromek is set to capitalise on the EU’s forthcoming regulation to lift the current ban, which will require airports to ensure that liquid scanning facilities are in place in transit areas at EU airports by April 2011, as a first step, before the ban.
Amphion CEO, Richard Morgan, said, “The ongoing security concerns worldwide create a critical need for innovative threat detection systems. The success of this fundraising round reflects investor confidence in Kromek’s unique technology and provides the financial support for the company to continue its product and commercial development. I look forward to announcing further developments as the year progresses.”
For further information please contact
Amphion Innovations plc
Charlie Morgan, Director of Communications
+1 (212) 210 6224
Tim Robertson/ James Milton/ Daniela Cormano
+44 20 7930 0777
Charles Stanley (Nominated Adviser)
+44 20 7149 6000
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in high growth companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has significant shareholding in 10 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million.
On the web: www.amphionplc.com
Kromek was spun out of Durham University’s physics department and specialises in the development of disruptive technology solutions for a broad range of commercial markets. It is currently pioneering digital colour imaging for x-rays and advanced 3D imaging for the medical, security, industrial inspection and defence markets. The company has successfully pioneered a revolutionary 3D x-ray technology which has huge commercial benefits for a range of sectors, especially the airline security industry, where it is uniquely placed to fulfil an increasing, necessary worldwide demand for liquid explosive detection at airports.
On the web: www.kromek.com