A Diagnostics & Imaging Week
Amphion Innovations (New York) reported that one of its partner companies, Motif Biosciences, a population genetics company in the Arabian Gulf Region, has raised $1 million in a C-round financing.
Amphion owns 42% of Motif and says it invested $400,000 as part of this round. It said Motif is in the process of raising up to $3 million more “in the coming months.”
Motif is focused on discovering genes causing common diseases by using genetic data from the Persian/Arabian Gulf region, where, it says, populations are less diverse and easier to analyze through applied genomics. It says it has developed a patent-pending method for collecting and analyzing genetic data.
Amphion said its “close involvement” with Motif “underscores [its] commitment to establishing itself in the Gulf region, the world’s third fastest growing economy.” Earlier this year, Amphion reported a Heads of Agreement with two prominent Kuwaiti families to establish a joint venture focused on the support and development of several Gulf-based life sciences and technology companies.
Richard Morgan, Amphion CEO, said: “Motif has a unique expertise in collecting and analyzing genetic data, which allows for drug companies to apply principles of genomics efficiently as they race to develop new drugs that can treat some of the most challenging and chronic disease conditions.”
The company has named Dr. Faisal Al-Refaei to be its Regional Director in the region. Faisal most recently was as at the Kuwait Ministry of Health.
Amphion forms and develops life sciences.
Lifeline Biotechnologies (Reno, Nevada) reported that it is offering a share exchange program to its common stock shareholders. It will exchange its Series B convertible preferred stock, valued at $1 a share, for common shares of stock held by its shareholders as of record date, valued at $.001 a share, a premium to the current market price.
Jim Holmes, president of Lifeline, said, “[W] we are reaffirming our confidence and optimism in the long-term future of the company.”
Lifeline develops technologies to assist in the early detection of cancers, and “deal with cutting-edge innovation to assist practicing physicians in the delivery of quality medical care.” Its First Warning System, a process for assisting in the early detection of breast cancer, is in development.
In other financing news: MDS (Toronto) reported preliminary results of its substantial issuer bid, which expired at 5 p.m., EST, April 5. MDS has accepted for purchase and cancellation 22,831,050 common shares at C$21.90 a share, totaling C$500 million in accordance with the terms of the bid. These shares represent 15.8% of the common shares currently outstanding. After the planned repurchase, the number of common shares outstanding will be around 121.9 million.
About 22.8 million common shares were tendered to the bid at prices at or below the purchase price of $21.90 a share.
Payment and settlement will be effected by Clearing Depository Services in accordance with its settlement procedures and the terms of the bid commencing on or about April 13, 2007.
MDS provides products and services for the development of drugs and the diagnosis and treatment of disease.