www.amphionplc.com
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.
Amphion has a significant shareholding in 8 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million.
Amphion Innovations subsidiary DataTern files patent infringement suits in US
Technology commercialisation firm Amphion Innovations (LON:AMP) said its subsidiary DataTern Inc has filed patent infringement cases against a number of companies in the US.
The suits were filed in the District Court of Massachusetts, asserting infringement of the '502 patent.
The '502 patent is directed to novel and groundbreaking methods and systems for facilitating interaction between object-oriented software programmes and relational databases. As such, the patented technology has become fundamental to the development of numerous enterprise software applications, including business intelligence and data mining products, Amphion said.
DataTern chief executive officer John Caruso said: "Numerous companies have recognized the importance of the patented technology to their software products and systems and have thus licensed the technology. We want to make sure to protect our licensees and the substantial investment made in the technology by stopping those who would use our patented technology without permission."
DataTern fosters innovation by helping companies develop and commercialise promising technologies, including in the IT and healthcare sectors. DataTern is represented by McCarter & English LLP in Boston.
Amphion also announced today that it has agreed additional unsecured loan financing of US$500,000 from its chairman R James Macaleer, who is also interested in 17.31 percent of the issued share capital.
The loan is repayable on February 15 2012 and carries an interest rate of 7 percent per annum.
Furthermore, as part of the new debt facility agreement, outstanding loans to Macaleer as announced on April 15 2011 and December 9 2010 which became payable on January 31 2012 for a total of US$1 million have been extended until December 31 2012, and a loan of US$2 million which became payable on December 31 2012 has been extended to December 31 2013. All loans will carry the interest rate of 7 percent per annum.
Interim results from Amphion reported at the end of Septenber showed that the firm moved into the black during the first six months of the year on increased revenues.
The firm’s revenues for the half-year period to June 30 were US$2.6 million, compared with US$1.6 million in H1 2010, while its operating loss was reduced to US$130,244 from US$1.1 million. But gains on investments as well as interest income meant that the firm actually posted a profit on the pre-tax line of £270,403 (H1 2010: £2.7 million).
