23rd May 2018 14:39
LONDON (Alliance News) - Amphion Innovations PLC said on Wednesday it sold 8.9 million shares in partner company Motif Bio PLC to partially repay a loan facility, as well as to fund ongoing business operations.
Medical & life sciences business developer Amphion raised net proceeds of USD3.7 million from the sale. Following this, Amphion holds a 9.53% stake in biopharmaceutical firm Motif, having previously held a 14.1% interest.
The shares were sold "directly to a leading US institutional investor" at 31 pence each.
Shares in Amphion were down 6.1% at 1.15p on Wednesday, while Motif was up 1.0% at 31.9598p
With the sale, Amphion said it is able to pre-pay three months' of loan repayments. Following repayment, the balance of the facility will be USD3.7 million including fees and accrued interest.
The remaining balance will be repaid in 4 monthly installments from September 15 to December 15.
Motif noted Amphion's statement.
Related Shares:
MTFB.LAMP.L