Amphion Innovations PLC (LON:AMP) on Tuesday said its partner company, Polarean Imaging, had raised US$4mln through a share placing.
The developer of medical, life science, and technology businesses said Polerean had issued 22.3mln new shares worth 14p each.
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The placing is conditional on the admission of the new Polarean shares to trading on the AIM market, which is expected to occur on or around 28 December 2018, Amphion said.
Amphion said it had itself participated in the placing and will remain the largest shareholder, holding some 18.4mln shares, equivalent to 18.2% of the enlarged share capital of Polarean.
On top of the investment in Polarean, Amphion said it had made a payment of US$304,377 to reduce the loan balance under the facility announced on 5 June 2014. After the payment, the loan balance will be US$3,984,256