Amphion Innovations PLC Partner Company m2m Imaging merger update (6262G)
May 31 2017 - 02:00AM
UK Regulatory
TIDMAMP
RNS Number : 6262G
Amphion Innovations PLC
31 May 2017
Amphion Innovations plc
("Amphion" or the "Company")
31 May 2017
Partner Company m2m Imaging merger update
-- Amphion Partner Company, m2m Acquisition Inc, and Polarean
Inc. to create Polarean Imaging Limited in a cash and share
merger
-- Polarean Imaging Limited announces the closing of its Pre-IPO
financing
London and New York, 31 May 2017 - Amphion Innovations plc (AIM:
AMP), the developer of medical, life science, and technology
businesses, announces that Partner Company, m2m Acquisition Inc.,
and North Carolina-based Polarean Inc. have signed a definitive
merger agreement in a cash and share-based transaction to create
Polarean Imaging Limited ("Polarean"), a newly incorporated company
in England, UK (the "Merger"). In addition to the Merger, the
Company announces that the placing pre-IPO fundraise of US $2
million is complete and the executed merger agreement now clears
the path for the Merger to close.
Polarean is a clinical-stage company. The main technology is a
drug-device combination product that enables the visualisation of
hyperpolarised Xenon(129) via magnetic resonance imaging technology
with a particular application for the diagnosis of a number of
pulmonary indications. It is currently being used at a number of
research sites on a pre-Food and Drug Administration ("FDA")
clearance basis to facilitate the research and evaluation of lung
function, to assist in making improved disease progression
assessment, and to clearly visualise the effectiveness of several
therapeutics which are under development.
Polarean operates in an area of significant unmet medical need,
and a number of key inflection points and milestones are expected
to be achieved over the next 12 to 24 months. The most important
inflection point will be the completion of the FDA Phase III
Clinical Trial in the USA. The 80 patient non-inferiority trial
(the "Trial") will take place at two leading US research hospitals.
The Trial is expected to commence in the second half of 2017 and be
completed approximately 18 months following.
There are currently eleven research institutions worldwide
already utilising the Polarean system, including Cincinnati
Children's Hospital, Duke University, the University of Oxford, the
University of Nottingham, and the Fraunhofer Institute. There are
presently 15 units installed at these leading research hospitals
and the Company expects to sell additional units and consumables
for research purposes during the course of the Phase III Clinical
Trial.
Following the merger and pre-IPO raise, Amphion will hold
approximately 26% of Polarean.
For further information please contact:
Amphion Innovations Tel: +1 (212) 210 6224
Charlie Morgan
Panmure Gordon Limited (Nominated Adviser Tel: +44 (0)20 7886
and Corporate Broker) 2500
Freddy Crossley / Duncan Monteith (Corporate
Finance)
Charlie Leigh-Pemberton (Corporate
Broking)
Northland Capital Partners Limited Tel: +44 (0)20 3861 6625
(Joint Corporate Broker)
Patrick Claridge / David Hignell (Corporate
Finance)
John Howes (Corporate Broking)
Polarean Imaging Limited Mob: +646 568 7502
Richard Hullihen, Chief Executive Tel: +1 440-463-6642
Officer
rhullihen@m2mimaging.com
The Life Sciences Division (Financial Tel: +44 (0) 203-457-1073
Advisors)
Alia Minhas ali@thelifesciencesdivision.com
Walbrook PR Tel: +44 (0)20 7933 8780 or
Mike Wort/ Paul McManus amphion@walbrookpr.com
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
seven 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. The partner
companies collectively own or control over 200 separately
identified pieces of intellectual property, a number which grows
rapidly each year.
About Polarean Imaging Limited
Polarean Imaging Limited (Polarean Inc was originally spun out
of GE) has a patented and revenue generating technology being used
in lung visualisation and lung function assessment, which for
pulmonologists, and patients (e.g. asthma, COPD/bronchitis, cystic
fibrosis), is one of the few areas not already impacted by MRI,
PET, CT, X-ray imaging, each of which targets soft or hard anatomy.
Polarean has taken a technology that uses standard Magnetic
Resonance Imaging (MRI) and combined it with a hardware proprietary
'add-on' and a modified Noble Gas (hyperpolarized Xenon(129) ) to
create a highly accurate, safe (inert gas that is breathed in and
then out) and real-time imaging tool to non-invasively visualise
and map the lung ventilation revealing gas exchange at the alveolar
level. Beyond the lung, there may be distinct applications in many
other areas of the body including Neurological indications.
Polarean operates a drug-device model selling a proprietary Xenon
gas blend (the drug) and bespoke RF coils to create additional
recurring revenues. The FDA has now granted Polarean permission to
conduct a go to market Phase 3 Clinical Trial in 80 patients, which
if successful (based on a non-inferiority criteria) would allow the
company to file for approval in the area of pulmonary medicine.
This information is provided by RNS
The company news service from the London Stock Exchange
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