6th Jun 2006 07:01
Amphion Innovations PLC06 June 2006 Amphion Innovations PLC Signs Memorandum of Understanding with University of Manchester Spinout Myconostica Ltd June 6 2006 - Amphion Innovations plc (AMP.L; "Amphion"), the developer oftechnology and life sciences businesses, announces that it has signed amemorandum of understanding (MoU) with Myconostica Ltd which grants Amphion anexclusivity period in which to agree final terms on an investment in Myconosticaas its next Partner Company. Myconostica is a spin out of the University ofManchester, with close links to other leading research institutions in the USand Europe, which is developing products focused on the more speedy, accurateand cost effective diagnosis of infectious diseases. Amphion CEO Richard Morgan commented, "In partnership with Amphion, this company will become a leading supplier of anew generation of diagnostic tools that will provide more accurate diagnosis andin a fraction of the time currently required. This is a great market opportunitywhich will also provide enormous benefits to patients worldwide and we lookforward to working with Myconostica to finalise terms in the next few weeks." Clive Rowland, CEO of UMIP (The University of Manchester Intellectual PropertyLimited), said, "UMIP is delighted to be developing a partnership with Amphion whereby Amphionwill bring its expertise and networks to bear on the funding of Myconostica.This is another example of the dynamic arrangements for spin-out developmentwhich is a feature of The University's technology transfer success story." For further information: Amphion Innovations plcJerel Whittingham +44 (0) 7779 095604Managing Director Amphion Innovations - USBen Austin, Investor Relations +1 (212) 210-6224 Financial DynamicsBen Atwell / John Gilbert +44 207 831 3113 Westhouse SecuritiesTim Metcalfe +44 (0) 207 601 6100 Myconostica Ltd.Nick Montague 07738560687 Note to Editors: About Amphion Innovations: Working in partnership with universities and corporations seeking tocommercialise their intellectual property, Amphion Innovations plc utilises aproven company creation and building process, staying deeply involved with theirpartner companies before seeing them through to a public offering or trade sale. This process has helped to build a group of companies including Celgene (Nasdaq:CELG, currently valued at more than $13B), MediSense (formed from intellectualproperty developed at two UK Universities and subsequently sold to Abbott Labsfor $920M), and Vortech (medical imaging company, acquired by Kodak). Amphion currently holds a large stake in each of seven partner companies, iscontinually evaluating new opportunities, and expects to add one new partnercompany during 2006. On the Web: www.amphionplc.com About UMIP The University of Manchester Intellectual Property Limited (UMIP) is themanaging agent of The University of Manchester for intellectual propertycommercialisation. UMIP's role is to enhance the scale and quality of theUniversity's intellectual property development and commercialisation activities.UMIP works in highly positive relationships with researchers, entrepreneurs,business people, professional advisers and investors to achieve its goals. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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