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Amphion Innovations trims its stake in Motif Bio

Life sciences and technology incubator Amphion Innovations recently rolled over £6.56mln of promissory notes due in December 2018 for a year.
US dollars
One-third of the proceeds from the sale will be retained for working capital

Amphion Innovations PLC (LON:AMP) has reduced its stake in partner company Motif Bio PLC (LON:MTFB, NASDAQ:MTFB) to 7.88%.

It sold 1.83mln shares in Motif, generating US$144,000, two-thirds of which will go to effect partial repayment of the loan facility it took out in mid-2014.

READ: Motif Bio to manage cash aggressively after making loan repayment

Prior to the sale, Amphion’s stake in Motif Bio, which is developing iclaprim, a next-generation antibiotic, was 8.51%.


 

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In an update in January, the company said that revenue for the year just ended would be at the top end of its guidance range at around US$427mln

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