By Lisa Kerner
Erie, Pa., March 2 - Motif BioSciences Inc., Amphion Innovations plc's partner company, said it has completed a $1.875 million round of financing.
Proceeds will support Motif's sample collection and sample analysis programs in the Persian/Arabian Gulf.
Amphion was the lead investor. Its $500,000 investment gives the company a 47.22% stake in Motif. The financing, which was oversubscribed, was completed with a combination of new and existing investors.
"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," Motif chief executive officer Stephen Cass said in a company news release.
"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 health care organizations, we believe that 2006 can be a year of rapid growth for the company's research program, pharma industry interest, and shareholder value."
Amphion forms, finances, manages and develops life science and technology companies. The company has offices in New York and London.
Motif, based in New York and London, is a population genetics company focused on the discovery of genes causing common diseases using human genetic data from the Persian/Arabian Gulf region.
| Issuer: | Motif BioSciences Inc.
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| Issue: | Private funding
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| Amount: | $1.875 million
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| Investors: | Amphion Innovations plc, other new and existing investors
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| Announcement date: | March 2
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