LONDON (Alliance News) - Amphion Innovations PLC on Tuesday said it sold 3.3 million shares in its Motif Bio PLC partner company as a partial loan repayment.
Amphion Innovations develops technology, medical, and life science businesses and holds 20.2 million shares in Motif Bio or a 6.8% stake.
The sale generated USD240,656. Under the terms of its loan to Motif Bio, which was amended on Monday last week, two thirds of this will be used to reduce the balance of the Motif Bio loan and the other third will be used as working capital for Amphion.
Under the amended terms, Amphion and its debt provider agreed to sell USD750,000 of Motif Bio shares to reduce the facility which, at that time, stood at USD4.1 million.
On Friday last week, Amphion sold 1.8 million shares in Motif Bio for USD144,000 in another partial loan repayment.
The loan balance plus accrued interest is due for repayment on September 30.
Shares in Amphion were flat at 0.38 pence on Tuesday afternoon.