Amphion Innovations, a developer of medical and technology businesses, swung to an annual profit in 2017 after the value of its investments jumped.

Pre-tax profit amounted to $2.5m, compared to a loss of $16.8m in 2016.

An increase in the company's net asset value was due almost entirely to the movement in value of the Motif Bio's share price.

'Amphion's immediate prospects are tied directly to the progress of its partner companies,' chief executive Richard Morgan said.

'Our next priority is to put additional resources behind the further development of FireStar.'

At 2:57pm: (LON:AMP) Amphion Innovations PLC share price was 0p at 1.1p