12th Sep 2013 08:26
LONDON (Alliance News) - Amphion Innovations PLC Thursday said Kromek Group, the x-ray imaging and radiation detection products company in which it holds a 13.3% equity stake, intends to float on AIM.
Amphion Innovations, which invests in medical and technology businesses, said it thinks the listing will provide Kromek with the funds it needs to accelerate growth.
"We believe Kromek has substantial growth opportunities and this transition to the public markets should provide the needed capital to accelerate its growth while deepening and broadening its internal resources and external reach," Amphion Innovations Chief Executive Richard Morgan said in a statement.
Kromek was spun out of the University of Durham in 2005, and while it's still based in the UK, much of its business is in the US. It is seeking to raise GBP15 million through its listing on AIM.
Amphion Innovations shares were up 27% at 3.025 pence Thursday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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