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15 Mar 2019 | 08:49

Amphion Innovations sells 1.8m shares in Motif Bio to repay debt

Amphion Innovations said it had sold about 7% of its stake in its partner company, Motif Bio to repay a loan facility.

The company sold 1,825,000 shares of Motif Bio, reducing its stake to 23,429,611, which represented 7.88% of the latter's total shares outstanding.

The sale generated proceeds of US $144,000, of which two thirds would be used to reduce the loan balance under the debt facility -- agreed in June 2014 and amended on 11 March 2019 -- and one third of the remaining proceeds would be returned to the company to be used for working capital. The loan balance plus accrued interest would become due for repayment on 30 September 2019.

At 8:49am: (LON:AMP) Amphion Innovations PLC share price was +0.01p at 0.38p

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