Amphion Innovations PLC Update on Polarean Imaging proposed AIM IPO (8405I)

TIDMAMP

RNS Number : 8405I

Amphion Innovations PLC

26 March 2018

Amphion Innovations plc

("Amphion" or "the Company")

Update on Polarean Imaging proposed AIM IPO

London and New York, 26 March 2018 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces a further update regarding its partner company Polarean, Inc, a subsidiary of Polarean Imaging plc ("Polarean").

The Company notes that Polarean Imaging plc has today announced that it is seeking a listing on the AIM Market of the London Stock Exchange ("Admission"). The Company proposes to raise gross proceeds of GBP3 million by way of a conditional placing through its nominated adviser and broker, Northland Capital Partners Limited (the "Placing") and a conditional subscription (the "Subscription" and together with the Placing, the "Fundraise").

It is expected that Admission will become effective at 8am on or around 29 March 2018 and shares will trade under the AIM symbol 'POLX'. Polarean is expected to have a market capitalisation on admission of at least GBP11 million.

Amphion has participated in the Placing and following Admission is expected to remain the largest shareholder holding c. 17 million shares, equivalent to 23.2% of the enlarged Share Capital of Polarean.

The net proceeds of the Fundraise, along with additional funds raised from a convertible loan note that Polarean had previously issued, will be used to fund:

-- Preparations of FDA required documentation and the initial production run of polarisers for FDA clearance to market trials;

-- FDA required clinical trials to gain clearance to market for (129) Xe as a contrast agent and the polariser as a device; and

   --     Working capital. 

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

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 
 David Hignell (Corporate 
  Finance) 
 John Howes (Corporate 
  Broking) 
 
 Walbrook PR                                      Tel: [phone] 
                                                                        or 
 Anna Dunphy / Paul McManus                         [e-mail] 
 
 
 
 
 
 

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 company news service from the London Stock Exchange

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March 26, 2018 02:31 ET (06:31 GMT)