23rd Feb 2006 07:02
Amphion Innovations PLC23 February 2006 Amphion Innovations PLC Portfolio Company WellGen Completes $3M Funding Proceeds To Go Toward Studying Anti-Obesity Food Ingredient 23 February 2006 - Amphion Innovations plc ("Amphion"), the developer oftechnology and life sciences businesses, today announces that one of itsportfolio companies, WellGen, Inc., a biotechnology company using nutrigenomicsto discover and develop plant-based wellness products, has completed its SeriesB financing totaling $3MM. The capital raised from this latest round of financing will provide additionalresources for WellGen to begin clinical studies in humans under its Obesity andInflammation Programmes, aimed at developing and bringing to market a variety ofnew and promising nutritional products on which the company is working.Investors in this round of financing include both new and existing WellGenshareholders. Amphion's $1MM investment, previously announced in August 2005,brings its ownership stake in the firm to 19%. WellGen's Obesity Programme is based upon the study of a proprietary gene panelcomprised of carefully selected genes that are known to be associated withobesity. Functional food ingredients coming out of this programme areanticipated to control weight via a gene-controlling mechanism of action that isdifferent from those of other products on the market. Encouraged by animalstudies that were completed in late 2005, WellGen anticipates beginning humanclinical studies during 2006. Richard Morgan, CEO of Amphion, said, "With obesity reaching almost epidemic proportions, there is a vast and growingneed for safe and effective bioactives to address this important market. We arepleased to see WellGen's patented screening technologies addressing obesity,inflammation, and other equally serious conditions and we're excited to increaseour investment." David Evans, chief executive officer of WellGen, said, "We are pleased with the results that we are seeing and that our shareholdershave confidence in WellGen's ability to identify, develop and successfullycommercialize consequential ingredients for the wellness market." For More Information: Financial Dynamics +44 (0) 20 7831 3113 Ben Atwell / John Gilbert Amphion Innovations 1 (212) 210-6248 Ben Austin, Investor Relations 1 (917) 686-3979 mobile Richard Morgan, CEO [email protected] About Amphion Innovations plc Amphion Innovations plc recently listed on the AIM Exchange in London under thesymbol AMP. Amphion's business is the formation, financing, management anddevelopment of life science and technology companies, working in partnershipwith corporations, governments, universities, and entrepreneurs seeking tocommercialize their intellectual property. On the Web: www.amphionplc.com About WellGen WellGen, Inc. is a biotechnology company that is developing products for food,therapeutics, and dietary supplement markets. WellGen's technical platform is amethod of screening the effect of food and related substances on the expressionof genes associated with human health conditions. The company has developedproprietary substances that help reduce risk and severity for a variety ofdiseases. Please visit our website at www.wellgen.com for more information. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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