Amphion Innovations PLC Investment in Polarean & Loan Facility Repayment (0801K)
December 11 2018 - 1:05AM
UK Regulatory
TIDMAMP TIDMPOLX
RNS Number : 0801K
Amphion Innovations PLC
11 December 2018
Amphion Innovations plc
("Amphion" or "the Company")
Further investment in Polarean Imaging plc and Repayment of Loan
Facility
London and New York, 11 December 2018 - Amphion Innovations plc
(AIM: AMP), the developer of medical, life science, and technology
businesses, notes that its partner company Polarean Imaging plc
("Polarean") has announced a conditional fundraise of US$4.0
million (GBP3.125 million) (before expenses) by the issue of, in
aggregate, 22,321,429 ordinary shares of GBP0.00037 each in the
capital of the company with new and existing investors at a price
of 14p per share ("the Placing"). The Placing is conditional on
admission of the new Polarean shares to trading on AIM
("Admission") which is expected to occur on or around 28 December
2018. Amphion has participated in the Placing and following
Admission, will remain the largest shareholder, holding
approximately 18.4 million shares, equivalent to 18.2% of the
enlarged Share Capital of Polarean.
In addition to the investment in Polarean, Amphion has made a
payment of US $304,377 to reduce the loan balance under the
facility announced on 5 June 2014 (the "Facility"). After the
payment, the loan balance will be US$3,984,256 As announced in the
Company's announcement dated 16 October 2018, the Company has
committed to maintain a certain value of the pledged Motif Bio plc
shares compared to the outstanding balance of the Facility and this
payment was made pursuant to those terms. In the future, should the
value of the pledged shares not meet the terms, the Board may be
required to make additional payments or renegotiate the Facility.
It is the Board's intention to make any repayments in cash. The
loan balance plus accrued interest will be due on 30 September
2019.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Amphion Innovations Tel: +1 (212) 210 6224
Charlie Morgan
Panmure Gordon Limited (Nominated Adviser and Tel: +44 (0)20 7886
Corporate Broker) 2500
Emma Earl / Freddy Crossley (Corporate Finance)
Charlie Leigh-Pemberton (Corporate Broking)
Northland Capital Partners Limited (Joint Corporate Tel: +44 (0)20 3861
Broker) 6625
David Hignell (Corporate Finance)
Rob Rees (Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or amphion@walbrookpr.com
Anna Dunphy / Paul McManus Mob: +44 (0)7879 741 001 / +44 (0)7980
541 893
About Amphion Innovations plc - www.amphionplc.com
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.
About Polarean Imaging plc - http://polarean.com
Polarean is a medical drug-device combination company operating
in the high resolution medical imaging market. The Group develops
equipment that enables existing MRI systems to achieve an improved
level of pulmonary function imaging and specialises in the use of
hyperpolarised Xenon gas ((129) Xe) as an imaging agent to
visualise ventilation and gas exchange regionally in the smallest
airways of the lungs, the tissue barrier between the lung and the
bloodstream and in the pulmonary vasculature. Xenon gas exhibits
solubility and signal properties that enable it to be imaged within
other tissues and organs.
Polarean operates in an area of significant unmet medical need
and the Group's technology provides a novel diagnostic approach,
offering a non-invasive and radiation-free functional imaging
platform which is more accurate and less harmful to the patient
than current methods. The annual burden of pulmonary disease in the
US is estimated to be over US$150 billion and affecting hundreds of
millions of people globally, including c. 174 million people who
suffer chronic obstructive pulmonary disease, which is responsible
for 6% of all deaths worldwide each year.
The Group expects to achieve a number of key milestones
following Admission. The US Food and Drug Administration (FDA) has
accepted the Group's Phase III trial design for testing the Group's
drug-device combination, so the most important near-term milestone
will be the successful completion of the FDA Phase III clinical
trial in the US. The trial is expected to commence early in the
second quarter of 2018 and to last for approximately 18 months,
which includes the time required to prepare the New Drug
Application for submission to the FDA.
Polarean also develops and manufactures high performance MRI
radiofrequency (RF) coils which are a required component for
imaging (129) Xe in the MRI system. The development of these coils
by the Company facilitates the adoption of the Xenon technology by
providing application-specific RF coils which optimise the imaging
of (129) Xe in MRI equipment for use as a medical diagnostic as
well as a method of monitoring the efficacy of therapeutic
intervention.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCKMMMZVMDGRZG
(END) Dow Jones Newswires
December 11, 2018 02:05 ET (07:05 GMT)
Amphion Innovations (LSE:AMP)
Historical Stock Chart
From Apr 2024 to May 2024
Amphion Innovations (LSE:AMP)
Historical Stock Chart
From May 2023 to May 2024