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Amphion Innovations delays publication of 2018 accounts

“The reason for the delay is continuing work with the company's auditors in relation to the going concern status of the company”

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Amphion’s struggles are a reflection of Motif Bio’s recent woes

Amphion Innovations PLC (LON:AMP) shares will be temporarily suspended from Monday whilst the life sciences investor sorts its 2018 accounts out.

According to AIM rules, companies must publish their annual results within six months. Those which don’t have their shares suspended from trading until the accounts are signed off and published.

READ: Amphion 'working closely' with lenders on loan terms

 Amphion said the reason for the delay is continuing work with the auditors in relation to its going concern status.

The company is “highly cash constrained” and its US$30mln or so of debts significantly exceed its assets, which were recently valued at around US$8.3mln.

The directors still believe that the company remains a going concern based on its investments and the future prospect of those investee companies.

They also note “ongoing discussions” with creditors for the potential restructuring of its debt as well as possible opportunities to raise additional funds.

Amphion shares Motif Bio’s troubles

Much of Amphion’s struggles stem from its investment in Motif Bio PLC (LON:MTFB), which has seen its share price plunge this year after US regulators failed to approve its flagship antibiotic.

Motif, which has seen its share price slide by 90% so far in 2019, has been encouraged by US regulators to carry out a further trial on iclaprim to allay fears over possible liver toxicity.   

Amphion currently has a 2.9% stake in Motif, although it once owned more than a third of the stock.

Shares were down 11.4% to 0.16p in late-afternoon trading.

Quick facts: Amphion Innovations PLC

Price: 0.15 GBX

AIM:AMP
Market: AIM
Market Cap: £314.96 k
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