Amphion Innovations plc
Update on Polarean Imaging
Proposed AIM IPO
London and New York, 26 March 2018 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces a further update regarding its partner company Polarean, Inc, a subsidiary of Polarean Imaging plc ("Polarean").
The Company notes that Polarean Imaging plc has today announced that it is seeking a listing on the AIM Market of the London Stock Exchange (“Admission”). The Company proposes to raise gross proceeds of £3 million by way of a conditional placing through its nominated adviser and broker, Northland Capital Partners Limited (the “Placing”) and a conditional subscription (the “Subscription” and together with the Placing, the “Fundraise”).
It is expected that Admission will become effective at 8am on or around 29 March 2018 and shares will trade under the AIM symbol ‘POLX’. Polarean is expected to have a market capitalisation on admission of at least £11 million.
Amphion has participated in the Placing and following Admission is expected to remain the largest shareholder holding c. 17 million shares, equivalent to 23.2% of the enlarged Share Capital of Polarean.
The net proceeds of the Fundraise, along with additional funds raised from a convertible loan note that Polarean had previously issued, will be used to fund:
- Preparations of FDA required documentation and the initial production run of polarisers for FDA clearance to market trials;
- FDA required clinical trials to gain clearance to market for 129Xe as a contrast agent and the polariser as a device; and
- Working capital.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
For further information please contact
Amphion Innovations
Charlie Morgan
+1 212 210 6224
Panmure Gordon Limited (Nominated Adviser and Corporate Broker)
Freddy Crossley / Ryan McCarthy (Corporate Finance)
Charlie Leigh-Pemberton (Corporate Broking)
+44 (0)20 7886 2500
Northland Capital Partners Limited (Joint Corporate Broker)
Patrick Claridge / David Hignell (Corporate Finance)
John Howes (Corporate Broking)
+44 (0)20 3861 6600
Walbrook PR
Anna Dunphy / Paul McManus
+44 (0)20 7933 8780
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and technology businesses.
We use our extensive experience in company building to invest and build shareholder value in high growth companies in the US and UK. Amphion has significant shareholding in a small number of Partner Companies developing proven technologies targeting substantial commercial marketplaces. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies.
