Amphion Innovations Plc (LON:AMP) has said the parent of its partner company, Polarean Inc, is seeking to list on AIM in an initial public offering (IPO).
The medtech investor, itself listed on AIM, said Polarean Imaging PLC is proposing to raise £3mln from a conditional placing, and will have an expected market cap of at least £11mln.
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Amphion said it has participated in the placing and expects to remain the largest shareholder with around 23.2% of Polarean Imaging, or approximately 17mln shares.
The group said the proceeds from Polerean Imagining's fundraise will be used to fund preparations of US Food & Drug Administarion (FDA) required documents, FDA clinical trials, and extra working capital going forward.
It added that Polarean Imaging’s admission to AIM will become effective at 8am on or around 29 March 2018.
In early trading on Monday, Amphion shares were up 4% at 1.3p.