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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.

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