Medical technology business developer Amphion Innovations announced on Friday that 1,825,000 shares in its partner company, Motif Bio, had been sold in partial repayment of the loan facility originally announced on 5 June 2014, and most recently amended on 11 March.
The AIM-traded firm said that following the Sale, it held 23,429,611 ordinary shares of Motif Bio, representing 7.88% of the issued share capital.
It confirmed the sale generated proceeds of $0.14m.
“In accordance with the terms of the amendment agreement, two thirds of the sale proceeds will be used to reduce the loan balance under the facility and one third of the remaining proceeds will be returned to the company to be used for working capital,” the board said in its statement.
“Further terms of the amendment agreement were included in the announcement on 11 March.
“The loan balance plus accrued interest will become due for repayment on 30 September.”