Amphion confirms settlement of loan facility through sale of Polarean holding

Medical, life sciences and technology businesses developer Amphion Innovations announced on Friday that, further to the sale of its total holding of 15,972,523 shares in Polarean Imaging as announced on 11 October, the lender of the facility has subsequently confirmed that the total net proceeds arising from the sale were $2.6m.

The AIM-traded firm said that the lender also confirmed that substantially all of the net sale proceeds were applied to the repayment of the facility.

Following the sale, the loan facility had been settled, and there were no outstanding obligations to the lender.

“Amphion remains highly cash constrained,” the board said in its statement.

“Further to the company's announcement on 27 June, the company's shares remain suspended from trading on AIM.”