Amphion Innovations PLC Comment on Polarean Fund Raise (1520A)

TIDMAMP

RNS Number : 1520A

Amphion Innovations PLC

22 December 2017

Amphion Innovations plc

("Amphion" or "the Company")

Amphion Partner Company, Polarean Imaging Limited, Closes Interim Funding

London and New York, 22 December 2017 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces a further update regarding its partner company Polarean Imaging Limited ("Polarean"), in which Amphion currently has an interest of circa 26%.

Further to the Company's announcement of 22 November 2017, Polarean has successfully closed on GBP647,127.00 in interim funding in the form of a Convertible Promissory Note (CPN). The CPN will automatically convert into fully paid Ordinary Shares of Polarean at a conversion price equal to 90% of the Issue Price of Ordinary Shares upon Admission to trading of the Ordinary Shares to the AIM market of the London Stock Exchange. In the event the Ordinary Shares are not admitted to trading by 31 March 2018, the CPN will be repayable over 10 months from 1 April. The proceeds will be used to ensure there are adequate financial resources to complete the proposed IPO which is expected in Q1 2018, market conditions permitting.

Further announcements will be made by both Amphion and Polarean in due course.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Certain capitalised terms in this announcement are with reference to the announcement made by Amphion at 7.00 a.m. (GMT) on 10 November 2017.

For further information please contact:

 
 Amphion Innovations                           Tel: [phone] 
 Charlie Morgan 
 
 Panmure Gordon Limited (Nominated                     Tel: +44 (0)20 
  Adviser and Corporate Broker)                             7886 2500 
 Freddy Crossley / Ryan McCarthy 
  (Corporate Finance) 
 Charlie Leigh-Pemberton 
  (Corporate Broking) 
 
 Northland Capital Partners                       Tel: [phone] 
  Limited (Joint Corporate Broker)                               6625 
 Patrick Claridge / David 
  Hignell (Corporate Finance) 
 John Howes (Corporate 
  Broking) 
 
 Walbrook PR                                 Tel: [phone] 
                                                                   or 
 Mike Wort/ Paul McManus                       [e-mail] 
 
 
 

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 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.

On the web: www.amphionplc.com

About Polarean Imaging Limited

Polarean is a revenue generating, late clinical stage medical company operating in the high resolution imaging market. Polarean develops equipment that enables existing MRI systems to achieve an improved level of pulmonary functional imaging and specialises in the use of polarised (129) Xenon gas as an imaging agent to visualise ventilation and gas exchange in the lung. Polarean's technology could therefore enable the early stage diagnosis of pulmonary diseases, including Chronic Obstructive Pulmonary Disease (COPD). Polarean has clear guidance from the US Food and Drug Administration to commence a pivotal Phase III trial on its flagship drug-device platform.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 22, 2017 02:01 ET (07:01 GMT)