Technology and life sciences backer Amphion Innovations expects 26 per cent-owned Durham Scientific Crystals to float next year.

Isle of Man-based Amphion more than doubled its operating loss last year to £1.4 million, but reports a 200 per cent increase in pre-tax profits to £3.5 million after £950,000 realised gains on investment sales and ‘fair value gains on investments’ more than doubled to £3.8 million. The company, which accounts in US dollars, says net assets rose 33 per cent to 34 cents a share, though the pound’s rise against the dollar halved the increase to 16 per cent in sterling terms to 17.5p a share.

Amphion, which realised £1.5 million on the sale of Beijing Med-Pharm for a more than fourfold return in less than three years, formed a strategic alliance last year with Kuwait’s MS Holdings, backed by the powerful Al-Sayer and Al-Mutawa families, to seek investment opportunities in the fast-growing Gulf region. The company hopes university spin-off Durham Scientific Crystals, with a patented application of semiconducting materials to medical imaging and a £7.4 million valuation before an £875,000 financing, will achieve a public flotation ‘in early 2008’.

Longer term, Amphion has high hopes for Myconostica, a Manchester University spin-off developing molecular tests to detect infectious diseases, where the company took a 35 per cent stake, though Myconostica’s leading light Professor David Denning is unlikely to act as its commercial chief. At 22p, down from 32.5p in August, the shares have suffered from the dollar’s weakness and have speculative recovery appeal.

Amphion Innovations	AIM	£14.99m	11.50p	0.00p
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