Amphion increases NAV through Motif Bio investment

(ShareCast News) - Medical and technology business developer Amphion Innovations announced its audited results for the 2015 calendar year on Thursday, in which it increased its net asset value per ordinary share in the company by 0.7p to 3.8p.The AIM-traded firm raised £2.1m during the period, through a placing of new ordinary shares in June and the exercise of warrants throughout the period.Cash resources at year-end totalled $0.9m, and the firm reduced its total liabilities by $1.4m."The rise in our net asset value per ordinary share was mainly due to the increase in the value of our holdings in Motif Bio," said Amphion CEO Richard Morgan."Following its successful IPO in April 2015, Motif concluded a financing in July to raise £22m before expenses in a placing with several leading institutional investors, at a price significantly higher than the IPO price."We believe Motif has a very bright future and is now on its way to becoming a significant player in the antibiotic market, which has a growing need for novel therapies," Morgan explained.He said Amphion remained committed to working closely with Motif to help it achieve its goals."In addition, we now have the opportunity to move forward one or two other partner companies and, for the first time in many years, to begin to explore the possibility of adding to Amphion's portfolio."We look forward to the future with renewed confidence and to being able to report further progress from our partner companies in due course," Morgan explained.