Amphion draws down on loan, notes possible Motif Bio IPO

13th Jul 2016 14:12

(ShareCast News) - Medical, life science and technology business developer Amphion Innovations announced on Wednesday that it has agreed terms for the drawdown of an additional tranche of $0.75m under the loan facility first announced on 5 June 2014.The AIM-traded company said it will receive the proceeds of the additional draw immediately."The proceeds of the additional draw are to be used to partially repay the existing amount due under the facility and for working capital for Amphion and its partner companies," Amphion's board said in a statement.In a separate statement, the company also noted that its "partner company", Motif Bio, has filed a registration statement with the US Securities and Exchange Commission over a proposed public offering of American depository shares."Motif Bio has also applied to have its American depositary shares listed on the NASDAQ Global Select Market under the ticker symbol MTFB," the board said."Following completion of the offering of the shares, Motif Bio's ordinary shares will continue to trade on the AIM market of the London Stock Exchange."Amphion, which currently owns 26.08% of Motif Bio, said there was no definite timetable or decision on further details of the potential offering at this stage, adding there could be no assurance that the potential offering will be completed.