18th Oct 2019 09:44
(Alliance News) - Amphion Innovations PLC on Friday said it has settled its loan facility with an undisclosed lender and now has no outstanding obligations.
The developer of medical, life science, and technology businesses on Friday last week had sold its entire holding in Polarean Imaging PLC for USD2.6 million.
Amphion's interest in Polarean was pledged as security against a loan facility and the shares were sold as part of this security arrangement.
Looking ahead, the company said it remains "highly cash constrained".
Amphion shares remain suspended due to the failure to publish audited financial statements for 2018 by June 30. Polarean shares were trading 3.5% higher in London on Friday at 23.28 pence each.
By Evelina Grecenko; [email protected]
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