Companies-backer Amphion Innovations Plc (LON:AMP) has sold 4.39mln shares in partner company Motif Bio Plc (LON:MTFB) to partially pay off a loan facility.
Following the sale, Amphion’s stake in Motif Bio stands at 14.1%. Amphion said it will now hold off selling Motif Bio shares until January 15 next year.
READ: Amphion Innovations optimistic for Motif Bio and Polarean
There is still US$4.3mln head-room on the loan facility. The company confirmed it is in negotiations regarding alternative longer term financing strategies.
Shares in Amphion rose 10% on the news.