28th Sep 2018 12:19
LONDON (Alliance News) - Amphion Innovations PLC on Friday said it swung to a loss in the first half of the year due to the share price movement of its Motif Bio PLC holdings.
Shares in Amphion were down 12% at 0.66 pence on Friday.
For the six months to June 30, the life sciences, medical, and technology company reported a pretax loss of USD5.9 million. This compares with a USD1.7 million profit the year before.
This change is the result of a swing to a USD5.5 million loss on fair assets from a USD4.3 million gain the prior year after its holding in Motif Bio decreased in value.
"Motif Bio's share price per share was 41 pence and by June 30 it had dropped to 33.83p per share. We continue to hope the market will realise the value we see in Motif Bio," the company said.
Amphion Chief Executive Richard Morgan said the company intends to maintain its holding in Motif Bio "so far as possible".
Revenue more than halved to USD60,000 from USD153,000, although Amphion did reduce its administrative expenses to USD1.4 million from USD1.8 million.
Moving forward, Amphion intends to develop FireStar Software Inc, another of its investments.
"Our goal is to have FireStar in a position for an initial public offering in 2019 and look forward to being able to update the market with additional progress," said Morgan.
Related Shares:
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