AMP.L Regulatory News (AMP)

27 Nov 2006 15:04

Amphion Innovations plc, the developer of life science and medicaltechnology businesses, announces today that it has invested GBP 1million in its latest Partner Company, Myconostica Ltd, an awardwinning University of Manchester spin-out. £ Myconostica is a company specialising in a new type of 'molecular'diagnostic test for infectious diseases, particularly life-threateningrespiratory fungal infections, allowing much faster and more precisediagnosis. These tests will have significant health-care benefits,such as reducing death rates, shortening recovery times and hospitalstay, and reducing the high cost of care for these types of patients.The Company has secured a significant international intellectualproperty position in advances in molecular diagnostics includinglicences from the University of Manchester, the Public Health ResearchInstitute (PHRI) in Newark, New Jersey, and other leading researchcentres. £ Amphion's investment will give it a stake of 35% on a fullydiluted basis and will allow Myconostica to further develop itsproducts, intellectual property, and build up its management andmarketing teams. Amphion's participation will also accelerate accessto key US markets. £ Life-threatening fungal infections remain the most common cause ofinfectious death in many types of acutely ill patients, for examplethose who have undergone transplants or those who are suffering frominfections affecting their immune system, such as HIV. Myconostica'stests produce results in hours, rather than the days currentlyrequired, greatly improving the time to treatment. Clinical studiesare scheduled to start in Q1 2007 with international regulatoryapprovals in the 2nd and 3rd quarters of 2007. The market size forrespiratory diagnostics for fungal infection alone is estimated to bein excess of $100 million annually, part of a wider moleculardiagnostics opportunity. The worldwide market of molecular tests ofvarious sorts is expected to grow to over $12 billion by 2010. £ Myconostica's founder and acting Chief Executive, Professor DavidDenning, commented: £ "The medical need for rapid diagnosis of respiratory fungalinfections has never been so strong. Myconostica can provide a muchfaster and clearer diagnosis significantly improving the time to treatinfected patients. Currently, these infections are responsible formortality rates of 40-90%. Other strategies, such as precautionarytreatment with antifungal drugs, can only be partially successful incombating these infections. £ Amphion CEO Richard C.E. Morgan commented: £ "In partnership with Amphion, we believe that Myconostica canbecome a leading supplier of a new generation of diagnostic tools thatwill provide more accurate diagnosis and in a fraction of the timecurrently required. This is a great market opportunity, which willalso provide enormous benefits to patients worldwide." £ About Amphion Innovations plc £ Amphion Innovations plc is listed on the AIM Exchange in Londonunder the symbol AMP. Amphion's business is the formation, financing,management and development of life sciences and technology companies,primarily in the US and UK, working in partnership with corporations,governments, universities and entrepreneurs seeking to commercializetheir intellectual property. £ On the web: www.amphionplc.com £ About Myconostica, Ltd. £ Myconostica is a University of Manchester spin-out companyspecialising in molecular diagnostic tests for life-threateningrespiratory fungal infection. Myconostica is located in SouthManchester, and has strong links to one of the University ofManchester's teaching hospitals, Wythenshawe Hospital, and theRegional Mycology Laboratory. Founded by Dr. David Denning, professorof medicine and medical mycology, with assistance from Nick Montagueand UMIP, the company will soon move into offices with excellentlaboratory space. Myconostica has plans to develop additionalmolecular tests once its first product has been launched. £ On the web: www.myconostica.co.uk £ Contact: Teresa Dietrich +44 7968283803 £ About PHRI: £ The PHRI has just merged with the University Medical and DentalSchool of New Jersey, with which is co-located to expand its missionof delivering top quality publicly funded research in infectiousdiseases. It has an impressive track record over many decades incontributing to Public Health. It owns the molecular beacon patentportfolio, which has been extensively licensed in many diagnosticfields, including several FDA approved molecular tests. £ On the web: www.phri.org £ About UMIP £ The University of Manchester Intellectual Property Limited (UMIP)is the managing agent of The University of Manchester for intellectualproperty commercialisation. UMIP's role is to enhance the scale andquality of the University's intellectual property development andcommercialisation activities. UMIP works in highly positiverelationships with researchers, entrepreneurs, business people,professional advisers, and investors to achieve its goals. £ On the web: www.UMIP.co.uk Copyright Business Wire 2006