Amphion Innovations PLC Comment on Polarean Fund Raise (1520A)
December 22 2017 - 2:01AM
UK Regulatory
TIDMAMP
RNS Number : 1520A
Amphion Innovations PLC
22 December 2017
Amphion Innovations plc
("Amphion" or "the Company")
Amphion Partner Company, Polarean Imaging Limited, Closes
Interim Funding
London and New York, 22 December 2017 - Amphion Innovations plc
(AIM: AMP), the developer of medical, life science, and technology
businesses, announces a further update regarding its partner
company Polarean Imaging Limited ("Polarean"), in which Amphion
currently has an interest of circa 26%.
Further to the Company's announcement of 22 November 2017,
Polarean has successfully closed on GBP647,127.00 in interim
funding in the form of a Convertible Promissory Note (CPN). The CPN
will automatically convert into fully paid Ordinary Shares of
Polarean at a conversion price equal to 90% of the Issue Price of
Ordinary Shares upon Admission to trading of the Ordinary Shares to
the AIM market of the London Stock Exchange. In the event the
Ordinary Shares are not admitted to trading by 31 March 2018, the
CPN will be repayable over 10 months from 1 April. The proceeds
will be used to ensure there are adequate financial resources to
complete the proposed IPO which is expected in Q1 2018, market
conditions permitting.
Further announcements will be made by both Amphion and Polarean
in due course.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Certain capitalised terms in this announcement are with
reference to the announcement made by Amphion at 7.00 a.m. (GMT) on
10 November 2017.
For further information please contact:
Amphion Innovations Tel: +1 (212) 210 6224
Charlie Morgan
Panmure Gordon Limited (Nominated Tel: +44 (0)20
Adviser and Corporate Broker) 7886 2500
Freddy Crossley / Ryan McCarthy
(Corporate Finance)
Charlie Leigh-Pemberton
(Corporate Broking)
Northland Capital Partners Tel: +44 (0)20 3861
Limited (Joint Corporate Broker) 6625
Patrick Claridge / David
Hignell (Corporate Finance)
John Howes (Corporate
Broking)
Walbrook PR Tel: +44 (0)20 7933 8780
or
Mike Wort/ Paul McManus amphion@walbrookpr.com
About Amphion Innovations plc
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
a small number of 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.
On the web: www.amphionplc.com
About Polarean Imaging Limited
Polarean is a revenue generating, late clinical stage medical
company operating in the high resolution imaging market. Polarean
develops equipment that enables existing MRI systems to achieve an
improved level of pulmonary functional imaging and specialises in
the use of polarised (129) Xenon gas as an imaging agent to
visualise ventilation and gas exchange in the lung. Polarean's
technology could therefore enable the early stage diagnosis of
pulmonary diseases, including Chronic Obstructive Pulmonary Disease
(COPD). Polarean has clear guidance from the US Food and Drug
Administration to commence a pivotal Phase III trial on its
flagship drug-device platform.
This information is provided by RNS
The company news service from the London Stock Exchange
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