By Lisa Kerner
Erie, Pa., Feb. 23 - Amphion Innovations plc said one of its portfolio companies, WellGen, Inc., has completed its series B financing totaling $3 million.
Proceeds from the latest round of financing will provide additional resources for WellGen to begin clinical studies in humans, aimed at developing and bringing to market a variety of new nutritional products through its obesity program.
Investors included both new and existing WellGen shareholders.
Amphion's $1 million investment, announced in August, brings its ownership stake in the firm to 19%.
"With obesity reaching almost epidemic proportions, there is a vast and growing need for safe and effective bioactives to address this important market," Amphion chief executive officer Richard Morgan said in a company news release.
"We are pleased to see WellGen's patented screening technologies addressing obesity, inflammation and other equally serious conditions and we're excited to increase our investment."
Amphion's business is the formation, financing, management and development of life science and technology companies. The company operates in New York and London.
WellGen is a biotechnology company that is developing products for food, therapeutics and dietary supplement markets. The company is located in New Brunswick, N.J.
| Issuer: | WellGen, Inc.
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| Issue: | Series B preferred stock
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| Amount: | $3 million
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| Investors: | WellGen shareholders
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| Announcement date: | Feb. 23
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