Amphion invests $1.9M in Myconostica

London, UK-based Amphion Innovations, a developer of life science and medical technology businesses, has invested L1.0 million ($1.9 million) in its latest partner company, Myconostica, a molecular diagnostics firm spun out from the University of Manchester.

Myconostica specializes in tests for infectious diseases, particularly life-threatening respiratory fungal infections, allowing much faster and more precise diagnosis. According to Amphion, these tests will have significant health care benefits, such as reducing death rates, shortening recovery times and hospital stay, and reducing the high cost of care for these types of patients.

Amphion's investment will give it a stake of 35% on a fully diluted basis and will allow Myconostica to further develop its products and intellectual property, as well as to build up its management and marketing teams. Amphion says that its participation will also accelerate Myconostica's access to key US markets.