LONDON & NEW YORK--(BUSINESS WIRE)--Amphion Innovations plc (“Amphion”), a developer of life sciences and technology businesses, announces today that one of its Partner Companies, Supertron Technologies (“Supertron”), a developer of high performance clinical and preclinical imaging products for magnetic resonance imaging (MRI), has acquired Spin Systems, an Australia based manufacturer of MRI coils and other imaging accessories. Following the acquisition, the enlarged company will change its name to m2m Imaging Corporation (“m2m”) to encapsulate the broad spectrum of “molecule-to-man” imaging products the new combined company is developing.
Spin Systems was acquired by Superton for 313,878 Series C Preferred Shares valued at $5.00 per share and $752,284 in cash. The total consideration of the acquisition was $2,322,000.
Supertron Chief Executive Officer C. Richard Hullihen will serve as the CEO of the combined company. Amphion will be the largest strategic investor in m2m with a 23.5% percent ownership interest. The post acquisition value for m2m is $20m based on the offering price of the Series C Round, closed in July 2006.
m2m will combine Spin Systems’ well-established portfolio of MRI coils and accessories with Supertron’s cryogenic coil technology. The cryogenic coil has been shown to dramatically improve the performance of the MRI scanner, producing significantly clearer images in less time.
Richard C. E. Morgan, Amphion’s Chief Executive Officer, said:
“m2m’s evolution demonstrates the strength of Amphion’s company building model. Since Supertron became one of Amphion’s Partner Companies, we have developed it rapidly from a University start-up into an established, revenue producing company, with industry leading partners, strong technology and world class management.
“The cryogenic coils have the potential to provide doctors and clinicians with much needed superior imaging for earlier disease detection and faster drug development. m2m’s products greatly enhance MRI imaging by reducing scan time, greatly lowering the cost and producing significantly clearer images.”
About Amphion Innovations plc
Amphion Innovations plc (AMP) is listed on the AIM of the London Stock Exchange. Amphion’s business activities are the formation, financing, management and development of life sciences and technology companies, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialize their intellectual property.
Website: www.amphionplc.com
About m2m Imaging Corp.
m2m Imaging is a market leading developer and manufacturer of conventional and cryogenic preclinical and clinical MRI coils and imaging accessories. Our gateway technology MRI coils have demonstrated capability of significantly increasing speed and resolution of the MRI scanner for imaging molecules to man. m2m’s coils have been demonstrated at leading medical institutions such as Brigham & Women’s Hospital of Harvard Medical School.
Website: www.m2mimaging.com
Contact: Amphion Innovations plc Josh Berkman, +1 646-747-7158 Media Relations or m2m Imaging Corp. Cameron Barnard, +1 862-368-3524 or Financial Dynamics Ben Atwell / John Gilbert, +44 207 269 7169
Source: Amphion Innovations plc
