Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Amphion Innovations partner Kromek raises £12.3 million to fund expansion

Amphion Innovations partner Kromek raises £12.3 million to fund expansion

Amphion Innovations (AIM: AMP) said its partner company Kromek has raised £12.3 million in the second close of the oversubscribed Series D financing, which has upped Amphion’s stake in the business that is now valued at £52 million to 17%.

The new financing is expected to enable Kromek to further expand its activities, which will include the extension of its business facilities for further product development and enhance its commercial activities in its target market sectors. The company is involved in the development of disruptive technology solutions for a range of commercial markets including airport and border security.

Kromek has developed a family of products for the global aviation and border security markets to combat threats posed by liquid based explosives and smuggling of narcotics dissolved in alcohol. The company's bottle scanning product offers a unique solution to the current ban on the carriage of liquids, though airport terminals.

Kromek is looking to capitalise on the EU’s forthcoming regulation to lift the ban, requiring it to ensure that liquid scanning facilities are in place in transit areas at EU airports by April 2011.

“The ongoing security concerns worldwide create a critical need for innovative threat detection systems.  The success of this fundraising round reflects investor confidence in Kromek's unique technology and provides the financial support for the company to continue its product and commercial development,” said chief executive of Amphion Innovations Richard Morgan.

Back in February, the Amphion said its revenue for the 12 months to December 2009 is expected to rise to US$8.6 million, and operating losses to narrow to US$0.88 million from US$3.38 million.

Shares in the company added 4% on today’s news.

Amphion builds shareholder value in high growth companies in the medical and technology sectors by using a focused, hands-on company building approach, based on decades of experience in both the US and UK.  Currently there are eight partner companies developing proven technologies targeting substantial commercial marketplaces in excess of US$1 billion. 

Each partner company aims to achieve a target exit value in excess of US$100 million.  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.

View full AMP profile View Profile

Amphion Innovations Plc Timeline

Related Articles

US truck
March 07 2017
Revenues from Fleet - Quartix’s largest operation - expanded by 15% in the year to December 31 2016 to hit £14.9mln, boosted by a 19% increase in its subscription base
Arnie, the Terminator
October 14 2017
The march of the machines ... Telit has placed itself firmly at the forefront of the next digital revolution - the Internet of Things (IoT).
Tekcapital-Invention-Discovery-Network-(IDN)-June-2015_opt.jpg
July 31 2017
The firm has established connections with more than 4,000 universities in 160 countries enabling it to capture all of the intellectual property available

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use