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Amphion Innovations 'working closely' with lenders on loan terms

As of Tuesday, the outstanding loan balance was US$3.2mln, including fees and accrued interest
Amphion
The loan is secured by the company's stake in Motif Bio

Amphion Innovations PLC (LON:AMP) reassured investors on Wednesday that it was working closely with its debt provider to find a resolution to the terms of its loan.

The developer of medical, life science and technology businesses currently does not hold enough collateral to meet the requirements of the facility. The loan amount is secured by the company's stake in Motif Bio.

READ: Amphion Innovations pledges Polarean shares as loan security

As of Tuesday, the outstanding loan balance was US$3.2mln, including fees and accrued interest, and Amphion held 10.9mln shares in Motif, representing a 4.8% stake.

“The board is working closely with the lender regarding potential resolution in connection with the collateral requirement and further announcements will be made as appropriate,” Amphion said.

“The company remains highly cash constrained and continues to consider both its short term and medium term funding options and work with the company's note holders.”

The outstanding facility balance and accrued interest are due for repayment at the end of September

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