Amphion Innovations plc’s partner company Motif BioSciences has announced that it has completed a $1.875 million financing, and has received and begun analysing the first sets of human genetic samples from the Persian Gulf.
Amphion previously announced its $500,000 investment on 3 January 2006, and holds a 47.22% stake in the Company. The financing, which was oversubscribed, has since completed with a combination of new and existing investors.
The additional investment will support Motif’s sample collection and sample analysis programs in the Persian/Arabian Gulf, a program now well underway with the recent acquisition and analysis of two sets of genetic data from the region.
To support the Company’s growing research and collaborative efforts, Motif has hired Kevin Arnold, formerly the Executive Director of Operations of Genaissance Pharmaceuticals, to serve as Executive Director of Genomic Operations at Motif.
Manish Pungliya, formerly Bioinformatics Scientist at Genaissance Pharmaceuticals, has been hired to lead Motif's bioinformatics effort.
Richard C.E. Morgan, CEO of Amphion and Chairman of the Board of Motif, said, "We are delighted to be moving forward with our programmes in the Gulf. Motif promises to bring understanding of the genetic component of a variety of medical afflictions in the region, ranging from rare disorders to ones, like diabetes, that are of interest to people around the world."
"This understanding can lead to better diagnosis and, hopefully, innovative therapeutic strategies to help those afflicted in the region and elsewhere."
Stephen Cass, Chief Executive Officer of Motif, said, "The strong support of our existing investors, as well as the addition of important new investors from the Gulf, is a great show of confidence in Motif’s strong progress."
"In a region which we think holds perhaps the most promising sources of future genetic disease discoveries, this latest round will enable us to aggressively pursue our research and work plan in the region."
"Given our current progress in acquiring samples, raising capital, and developing partnerships with key Gulf healthcare organizations, we believe that 2006 can be a year of rapid growth for the Company’s research program, pharma industry interest, and shareholder value."