Amphion Innovations (AMP)

 

Amphion NAV up

Amphion Innovations' net asset value per ordinary share stood at 3.8p at the end of December - an increase from 0.7p from the end of 2014.

Amphion raised £2.1 million through the placing of new ordinary shares (June 2015) and the exercise of warrants throughout the period and had year-end cash resourcesof approximately US$0.9 million and reduced total liabilities by US$1.4 million during the period.

Chief executive Richard Morgan said: "The rise in our net asset value per ordinary share was mainly due to the increase in the value of our holdings in Motif Bio plc. Following its successful IPO in April 2015, Motif concluded a financing in July to raise £22 million (before expenses) in a placing with several leading institutional investors, at a price significantly higher than the IPO price. We believe Motif has a very bright future and is now on its way to becoming a significant player in the antibiotic market, which has a growing need for novel therapies.

"We are committed to working closely with Motif to help it achieve its goals. In addition, we now have the opportunity to move forward one or two other Partner Companies and, for the first time in many years, to begin to explore the possibility of adding to Amphion's portfolio. We look forward to the future with renewed confidence and to being able to report further progress from our partner companies in due course."

At 8:17am: (LON:AMP) Amphion Innovations PLC share price was -0.13p at 3.25p