Amphion Innovations plc Acquires 35% Stake in Manchester Molecular Diagnostic Spin-out Company.LONDON -- Amphion Innovations plc, the developer of life science and medical technology businesses, announces today that it has invested [pounds sterling]1 million in its latest Partner Company, Myconostica Ltd, an award winning University of Manchester The University of Manchester is a university located in Manchester, England. With over 40,000 students studying 500 academic programmes, more than 10,000 staff and an annual income of nearly £600 million it is the largest single-site University in the United Kingdom and receives spin-out. Myconostica is a company specialising in a new type of 'molecular' diagnostic test for infectious diseases infectious diseases: see communicable diseases. , particularly life-threatening respiratory fungal infections Fungal infections Several thousand species of fungi have been described, but fewer than 100 are routinely associated with invasive diseases of humans. , allowing much faster and more precise diagnosis. These tests will have significant health-care benefits, such as reducing death rates, shortening recovery times and hospital stay, and reducing the high cost of care for these types of patients. The Company has secured a significant international intellectual property position in advances in molecular diagnostics including licences from the University of Manchester, the Public Health Research Institute (PHRI PHRI Pacific Health Research Institute (since 1960; Honolulu, Hawaii) PHRI Pintabian Horse Registry, Inc (Karlstad, Minnesota) ) in Newark, New Jersey, and other leading research centres. Amphion's investment will give it a stake of 35% on a fully diluted basis and will allow Myconostica to further develop its products, intellectual property, and build up its management and marketing teams. Amphion's participation will also accelerate access to key US markets. Life-threatening fungal infections remain the most common cause of infectious death in many types of acutely ill patients, for example those who have undergone transplants or those who are suffering from infections affecting their immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. , such as HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. . Myconostica's tests produce results in hours, rather than the days currently required, greatly improving the time to treatment. Clinical studies are scheduled to start in Q1 2007 with international regulatory approvals in the 2nd and 3rd quarters of 2007. The market size for respiratory diagnostics for fungal infection fungal infection, infection caused by a fungus (see Fungi), some affecting animals, others plants. Fungal Infections of Human and Animals alone is estimated to be in excess of $100 million annually, part of a wider molecular diagnostics opportunity. The worldwide market of molecular tests of various sorts is expected to grow to over $12 billion by 2010. Myconostica's founder and acting Chief Executive, Professor David Denning, commented: "The medical need for rapid diagnosis of respiratory fungal infections has never been so strong. Myconostica can provide a much faster and clearer diagnosis significantly improving the time to treat infected patients. Currently, these infections are responsible for mortality rates of 40-90%. Other strategies, such as precautionary treatment with antifungal drugs, can only be partially successful in combating these infections. Amphion CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard C.E. Morgan commented: "In partnership with Amphion, we believe that Myconostica can become a leading supplier of a new generation of diagnostic tools that will provide more accurate diagnosis and in a fraction of the time currently required. This is a great market opportunity, which will also provide enormous benefits to patients worldwide." About Amphion Innovations plc Amphion Innovations plc is listed on the AIM Exchange in London under the symbol AMP. Amphion's business is the formation, financing, management and development of life sciences and technology companies, primarily in the US and UK, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialize their intellectual property. On the web: www.amphionplc.com About Myconostica, Ltd. Myconostica is a University of Manchester spin-out company specialising in molecular diagnostic tests for life-threatening respiratory fungal infection. Myconostica is located in South Manchester, and has strong links to one of the University of Manchester's teaching hospitals, Wythenshawe Hospital, and the Regional Mycology mycology Study of fungi (see fungus), including mushrooms and yeasts. Many fungi are useful in medicine and industry. Mycological research has led to the development of such antibiotic drugs as penicillin, streptomycin, and tetracycline. Laboratory. Founded by Dr. David Denning, professor of medicine and medical mycology Medical mycology The study of fungi (molds and yeasts) that cause human disease. Fungal infections are classified according to the site of infection on the body or whether an opportunistic setting is necessary to establish disease. , with assistance from Nick Montague and UMIP, the company will soon move into offices with excellent laboratory space. Myconostica has plans to develop additional molecular tests once its first product has been launched. On the web: www.myconostica.co.uk Contact: Teresa Dietrich +44 7968283803 About PHRI: The PHRI has just merged with the University Medical and Dental School Noun 1. dental school - a graduate school offering study leading to degrees in dentistry school of dentistry grad school, graduate school - a school in a university offering study leading to degrees beyond the bachelor's degree of New Jersey, with which is co-located to expand its mission of delivering top quality publicly funded research in infectious diseases. It has an impressive track record over many decades in contributing to Public Health. It owns the molecular beacon Molecular beacons are oligonucleotide probes that can report the presence of specific nucleic acids in homogenous solutions. The terms more often used is molecular beacon probes. patent portfolio, which has been extensively licensed in many diagnostic fields, including several FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approved molecular tests. On the web: www.phri.org About UMIP The University of Manchester Intellectual Property Limited (UMIP) is the managing agent of The University of Manchester for intellectual property commercialisation. UMIP's role is to enhance the scale and quality of the University'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. On the web: www.UMIP.co.uk |
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