Investment
The quoted technology commercialisation company Amphion Innovations plc invested £1 million in Myconostica Ltd, a spin-out from University of Manchester.
Myconostica specialises in rapid molecular diagnostic tests for infectious diseases, in particular life-threatening respiratory fungal infections. The company claims the tests will have significant benefits, including lower death rates, shorter recovery times and and reducing the high cost of care for these types of patients. Its intellectual property portfolio includes licences from the University of Manchester, and the US Public Health Research Institute in Newark, New Jersey.
Amphion’s investment will give it a stake of 35 per cent and provide Myconostica with the funds to further develop its products and intellectual property, and to build up its management and marketing teams. Amphion’s participation will also accelerate access to key US markets.
Myconostica’s tests produce results in hours rather than the days currently required, greatly reducing the time to treatment.
Clinical studies are scheduled to start at the beginning of 2007, with international regulatory approvals expected later in the year.
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