Amphion Innovations said it had sold 3m shares in partner company Motif Bio to an institutional investor at 33.5p a share for approximately $1.273m.

Following the sale, Amphion's stake in Motif was reduced to 8.51%.

The proceeds of the sale of the Motif shares would be used as partial repayment of loans, ongoing business operations and development of Amphion's other partner companies.

Following repayment, the current loan balance of the facility would fall to $2.823m including fees and accrued interest.

At 9:56am: (LON:AMP) Amphion Innovations PLC share price was 0p at 0.8p