Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, today told DIrectorsTalk that the Company has agreed terms for the draw-down of an additional tranche of US $1,765,000 under the loan facility as announced on 5 June 2014 (the “Facility”).
Under the terms of the Additional Draw, the interest rate will be 10% with repayments starting on 1 May 2016 and with the final repayment due on 1 February 2017. The proceeds are to be used to repay the existing amount due under the Facility and for working capital for Amphion and its Partner Companies.
The loan is secured by the pledge by the Company of 7,774,678 ordinary shares of Kromek Group plc and 14,906,145 ordinary shares of Motif Bio plc.
Richard Morgan, CEO of Amphion, said: “We continue to believe in the future upside potential of our holdings in both Partner Companies, Kromek and Motif Bio. We are working on moving other programmes forward and this facility gives us access to additional working capital to progress the business’ pipeline while these two Partner Companies develop further.”
