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LONDON (Alliance News) - Amphion Innovations PLC, which develops medical, life science, and technology businesses, on Thursday said it agreed terms to draw down an additional tranche of USD1.8 million under its June 2014 loan facility.
The interest rate on the draw will be 10% with repayments starting on May 1 and a final repayment due on February 1, 2017.
The money will be used to repay the existing amount due under the facility and for working capital for Amphion and its partner companies.
The loan is secured by the pledge by the company of 7.8 million shares held in Kromek Group PLC and 14.9 million shares held in Motif Bio PLC, Amphion said.
"We continue to believe in the future upside potential of our holdings in both partner companies, Kromek and Motif Bio. We are working on moving other programmes forward and this facility gives us access to additional working capital to progress the business' pipeline while these two partner companies develop further," Chief Executive Officer Richard Morgan said in a statement.
Shares in Amphion were down 6.3% at 4.10 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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