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news release:
MRI Manufacturer Supertron Raises $3.5 Million
in Series C Financing
New York, NY, July 24:
Amphion Innovations plc today announced that one of its partner companies,
Supertron
Technologies, Inc. a leading developer of next-generation solutions for
high-performance preclinical and clinical Magnetic Resonance Imaging (MRI)
coils, probes and accessories, has raised $3.5 million in a Series C financing.
The round was originally intended to close at $3 million, but the financing
increased due to overwhelming investor demand. As a result of this financing the
value of Amphion's investment in Supertron will increase from $1.1 million at 31
December 2005 to $3.6 million.
Amphion's strategy is to invest in and support the growth process of companies,
like Supertron, that answer broad-based, unmet market needs with proven
solutions and predictable results. Supertron's products dramatically improve the
imaging capabilities of conventional MRI scanners. The products greatly enhance
the MRI image quality, reduce scan time in existing scanners and greatly lower
the cost. These factors ultimately result in earlier disease detection, faster
drug development, and integrated and/or guided therapeutics.
In addition to designing clinical and pre-clinical MRI coils, Supertron is also
designing cryogenic coils that increase speed and allow for imaging of body
parts in motion. The cryogenic coils also improve resolution, which enables
doctors to see smaller structures. Its solutions are applicable in both high and
low-field clinical, preclinical and research scanning environments.
Supertron is also targeting emerging MRI research applications in the fields of
molecular imaging, image-guided therapeutics, image-guided surgery, and
orthopedics imaging. The company is currently developing a number of
next-generation MRI products in neuro imaging and pre-clinical imaging.
Based in Newark, NJ, Supertron has filed four patents and has collaborated in
partnership with Harvard Medical School, Columbia University, Stanford
University, University of Medicine and Dentistry of New Jersey, New Jersey
Institute of Technology and University of Queensland, Australia.
"We are very pleased that investors and partners recognise the potential in
Supertron which is at the forefront of innovations in life sciences," said
Richard C.E. Morgan, Chief Executive Officer of Amphion. "Clearer and faster
MRIs will help doctors detect diseases earlier and it will help researchers
dramatically reduce the time it takes to get vitally important new drugs to
market."
The latest round of financing will support product development, intellectual
property management, critical staffing, marketing, financing fees and costs, and
potential acquisitions.
"We are excited by the market response to our offering and the recognition of
the value of our gateway to improved performance for the magnetic resonance
imaging industry as a whole, which our product and technology set offers," said
C. Richard Hullihen, Chief Executive Officer of Supertron.
About Supertron
Supertron is a market leading developer and manufacturer of superconducting and
cryogenically cooled preclinical and clinical MRI coils and accessories.
Supertron's gateway technology MRI coils have demonstrated capability of
dramatically increasing speed and resolution of the MRI scanner. Supertron's
coils have been demonstrated at leading medical institutions such as Columbia
Presbyterian, Brigham and Women's Hospital, Harvard Medical School, Duke
University, and overseas at Hong Kong University.
On the Web: www.supertron.com
About Amphion Innovations plc
Amphion Innovations plc is listed on the AIM Exchange in London under the symbol
AMP. Amphion develops and operates companies in the life science and medical
technology markets, working in partnership with corporations, governments,
universities, and entrepreneurs seeking to commercialize their intellectual
property using its proven company creation and building process.
On the Web:
www.amphionplc.com
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