Amphion complete new funding round

Amphion Innovations plc, the technology commercialisation specialist that is quoted on London’s Alternative Investment Market closed a fundraising of GBP 612,500, issuing 2,450,000 new ordinary shares at 25 pence per share. The money will be invested in new and existing companies.

Amphion’s most recent investment, in November 2006, was in Myconostica Ltd, a University of Manchester spin-out. The company is developing a new type of 'molecular' diagnostic test for infectious diseases, particularly life-threatening respiratory fungal infections, which will allow much faster and more precise diagnosis.

The company has built an intellectual property portfolio molecular diagnostics including licences from the University of Manchester and the Public Health Research Institute (PHRI) in Newark, New Jersey.

Amphion’s GBP 1 million investment gave it a 35 percent stake in Myconostica and will enable it to further develop products and intellectual property, and build management and marketing teams. Amphion’s participation will also accelerate access to the US market.

Fungal infections remain the most common cause of death in many types of acutely ill patients, such as AIDS sufferers or transplant patients. 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 the first quarter of 2007, and the company expects approvals in the 2nd and 3rd quarters of 2007.

Amphion’s other investments include m2m Imaging Corporation a US company that specializes in imaging accessories for use in MRI scanning and Durham Scientific Crystals, a spin out of Durham University.