Amphion confirms sale of 1.7m Motif Bio shares

Medical, life sciences and technology business developer Amphion Innovations announced on Wednesday that 1.7 million shares in its partner company Motif Bio had been sold in partial repayment of the loan facility originally announced on 5 June 2014.

The AIM-traded firm said that following this sale, Amphion held 41,540,645 ordinary shares of Motif Bio, representing 15.8% of the issued share capital.

Up to June 2017, Amphion had drawn down $6.15m under the facility, using certain assets of Amphion as collateral.

“This capital has been used to support the development of the partner companies, which will in turn enhance the asset value of Amphion,” the board explained.

“If not modified, the facility will be due for final payment by December 2017.”

Discussions were continuing with the lender in relation to a rescheduling of the remaining amounts due,” the board explained.

“Our confidence in the future of Motif Bio remains high and we will endeavor to minimise the further reduction of the size of our holding.”