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Amphion Innovations jumps on back of Kromek AIM float

Company News

Amphion Innovations jumps on back of Kromek AIM float

Thu, 12 September 2013
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Amphion Innovations jumps on back of Kromek AIM float

A proposed London flotation for one of its investments invigorated shares in private equity incubator Amphion Investments.

Amphion, which invests in small medical and technology companies with promising intellectual property, jumped on the news that Durham University spin-out Kromek intends to float on the AIM section of the London Stock Exchange.

Prior to the placing, Amphion holds a 13.3% equity stake in Kromek, which has developed an x-ray imaging technology that can be used by doctors to detect cancers and osteoporosis and by airport security to detect liquid explosives.

With the help of broker Panmure Gordon, Kromek is looking to raise £15m to accelerate its growth and “harvest value” from its technology.

Richard Morgan, who is Chief Executive Officer of Amphion and Chairman of Kromek, said: "Amphion was the first institutional investor to commit to Kromek in 2005, soon after its formation and spin-out from the University of Durham.

“Since then, we have been closely involved with its development and are delighted to see it is making the transition to a public company.”

Amphion stressed its belief in Kromek’s “substantial” growth opportunities and said floating on the public markets should provide the capital needed to accelerate its growth.

Shares in AMP were up 26% to 3p at 14:21 on Thursday.

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