Motif Bio sells shares to investee company to partly repay loan
Amphion Innovations (AIM: AMP), a developer of medical, life science, and technology businesses, has announced that 3 million shares in partner company, Motif Bio (AIM: MTFB) have been sold directly to an institutional investor at 33.5 pence per share.
Motif Bio’s shares fell 2.44% to 34.00 pence by mid-morning London trading today.
Net proceeds of around $1.27 million from the sale of the Motif Shares will be used as partial repayment of the loan facility originally announced on June 5, 2014 with the most recent terms announced on December 22, 2017, as well as ongoing business operations and development of Amphion’s other partner companies. Following this sale, Amphion’s holding will represent 8.51% of the issued share capital of Motif, a clinical-stage biopharmaceutical company specialising in developing novel antibiotics. The Motif shares had a book value of ~$1.34 million as at June 30, 2018.
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