Amphion Innovations' net asset value per ordinary share rose to 4.3p in the six months to the end of June from 3.8p at year end. The group said the success of the AIM IPO of its partner company, Motif Bio plc, and the subsequent increase in the value of Amphion's shareholding in Motif, has been the driver behind the increase in the company's NAV over the last 15 months. Total liabilities remained approximately unchanged over the period at US $29.1 million. Motif began dosing patients in its iclaprim Phase III trials in March. Revenue for the six-month period ended 30 June 2016 was US $60,000 compared with US $267,601 recorded in the first half of 2015. Amphion said it continued to control costs and the board has continued to work with reduced levels of current cash compensation. Total administrative expenses were on par with last year and, as a result, the operating loss for the Period was US $1,505,488 compared with US $1,254,554 as reported in the same period of last year. Chief executive Richard Morgan said: "Since completing the IPO on AIM in April last year, Motif has moved quickly to get two trials underway and announced the dosing of the first patient in March in its pivotal Phase III trial. "Motif recently announced that patient enrolment to date is ahead of projections. Motif has a very bright future and is now on its way to potentially 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 a couple of our other Partner Companies. "We look forward to the future with confidence and to being able to report further progress with Motif, DataTern, m2m, and other Partner Companies in due course."
0.00p (0.00%)delayed 18:15PM