Disposal

Amphion Partner Company, Myconostica, Acquired by Lab21 Ltd.

London and New York, 24 May 2011- Amphion Innovations plc (LSE: AMP) ("Amphion" or the "Company"), the developer of medical and technology businesses today announces the sale of its Partner Company, Myconostica Ltd to Lab21 Ltd ("Lab 21"). Lab21 is a privately owned medical diagnostics business based in Cambridge, England.

Myconostica, based in Manchester, develops and supplies molecular diagnostic products to aid rapid and accurate diagnosis of life-threatening invasive fungal infections. Myconostica was established in 2006, by leading international fungal clinician Professor David Denning, as a spin out from the University of Manchester. Myconostica had made significant progress and launched well received products into the marketplace in late 2009 and through 2010; however Myconostica required significant further capital in order to achieve its full business plan.

Prior to the transaction Amphion owned just over 16% of Myconostica, which carried a valuation of $2.3 million at 31 December 2010. Following this disposal, Amphion will have a minority shareholding in Lab21, valued at $200,000. As a result, Amphion's Net Asset Value will be reduced by approximately $2 million or 1p per share.

Richard Morgan, Amphion's Chief Executive Officer commented, "The lack of sufficient further capital to support Myconostica's continued progress as a standalone company required exiting at a relatively early stage in its growth which ended in a disappointing outcome."

For further information please contact

Amphion Innovations plc

Charlie Morgan

+1 (212) 210 6224

Cardew Group

Tim Robertson/ James Milton

+44 20 7930 0777

Seymour Pierce (Nominated Adviser)

Freddy Crossley

+44 7107 8347

About Amphion Innovations plc

Amphion (LSE: AMP) builds shareholder value in high growth companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has significant shareholding in 10 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million.

On the web: www.amphionplc.com