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Amphion Innovations welcomes improvement in IPO market

Published: 17:50 19 Sep 2014 AEST

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Another of Amphion Innovations' (LON:AMP) portfolio of start-up tech companies is mulling an IPO, it said.

Motif Biosciences, a New York-based drug company working on a new types antibiotics that can overcome the growth of superbugs, has started work on a possible float, Amphion said.

Last October, another portfolio company, Kromek listed on AIM, though it was largely a reduction in the value of its 10.6% residual holding in the X-ray technology specialist that prompted losses rising in the six months to June to US$8.1mln.

There was an operating loss of US$1.77mln, while net assets at the half year were 0.024p.

Amphion added it would draw an additional US$1mln under its standby facility in four monthly instalments of US$250,000 starting in September.

“While we remain cautious, the improvement in the public markets over the last two years has improved the prospects for financing and is a major development for Amphion,” it said.

“The return of a viable IPO market is a critical and positive development and, if it continues to improve, should have a positive effect on the availability of capital for Amphion and our partner companies.“

Amphion Innovations pinning hopes on Polarean Inc after Motif Bio success

Richard Morgan, chief executive of Amphion PLC (LON:AMP), discusses the 'very welcome' Phase III Iclaprim news from Motif Bio. Motif's recently revealed its lead drug, a next generation antibiotic, successfully negotiated a crucial final-stage clinical study, boosting Amphion’s...

on 10/10/17