Amphion Innovations plc

Partner Company m2m Imaging Merger Update

London and New York, 31 May 2017 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that Partner Company, m2m Acquisition Inc., and North Carolina-based Polarean Inc. have signed a definitive merger agreement in a cash and share-based transaction to create Polarean Imaging Limited (“Polarean”), a newly incorporated company in England, UK (the “Merger”).  In addition to the Merger, the Company announces that the placing pre-IPO fundraise of US $2 million is complete and the executed merger agreement now clears the path for the Merger to close.

Polarean is a clinical-stage company. The main technology is a drug-device combination product that enables the visualisation of hyperpolarised Xenon129 via magnetic resonance imaging technology with a particular application for the diagnosis of a number of pulmonary indications. It is currently being used at a number of research sites on a pre-Food and Drug Administration (“FDA”) clearance basis to facilitate the research and evaluation of lung function, to assist in making improved disease progression assessment, and to clearly visualise the effectiveness of several therapeutics which are under development. 

Polarean operates in an area of significant unmet medical need, and a number of key inflection points and milestones are expected to be achieved over the next 12 to 24 months. The most important inflection point will be the completion of the FDA Phase III Clinical Trial in the USA. The 80 patient non-inferiority trial (the “Trial”) will take place at two leading US research hospitals. The Trial is expected to commence in the second half of 2017 and be completed approximately 18 months following. 

There are currently eleven research institutions worldwide already utilising the Polarean system, including Cincinnati Children’s Hospital, Duke University, the University of Oxford, the University of Nottingham, and the Fraunhofer Institute. There are presently 15 units installed at these leading research hospitals and the Company expects to sell additional units and consumables for research purposes during the course of the Phase III Clinical Trial.

Following the merger and pre-IPO raise, Amphion will hold approximately 26% of Polarean.

For further information please contact

Amphion Innovations
Charlie Morgan
+1 212 210 6224

Panmure Gordon Limited (Nominated Adviser and Corporate Broker)
Freddy Crossley / Duncan Monteith (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 / Mark Treharne (Corporate Broking)
+44 (0)20 3861 6600

Polarean Imaging Limited
Richard Hullihen, Chief Executive Officer
+1 646 568 7502

The Life Sciences Division (Financial Advisor)
Alia Minhas
+44 (0)20 3457 1073

Walbrook PR
Mike Wort / 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 7 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. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.