Amphion Innovations Plc (LON:AMP) said Polarean Imaging, in which it has a 26% stake, is expected to float in the first quarter of 2018.
The management of Polarean is now seeking interim funding to tide the company over until it lists on AIM.
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As a result of the proposed interim financing, the anticipated monies to be raised and the implied valuation of around US$29mln set out in the research report by Polarean’s joint corporate broker Northland Capital Partners, published 10 November 2017, may be revised to take account of any interim money raised.
Polarean is a specialist in magnetic resonance imaging (MRI) technology; it develops equipment that enables existing MRI systems to achieve an improved level of lung function imaging.
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Significantly, it has clear guidance from the US Food and Drug Administration on the start of a pivotal Phase III trial on its flagship drug-device platform.