Amphion raises over $2.7M in offering

UK-based Amphion Innovation, a developer of medical and technology businesses, has raised over L1.8 million ($2.7 million) in a convertible  promissory note offering for an issue price of L1 per note, convertible  between December 31, 2008, to December 31, 2013, into fully paid shares  of 1 pence each in the capital of the company at a conversion price of  18 pence each with 7% annual interest until conversion.

In addition, for each note issued, Amphion also issued 1.11 warrants to  each subscriber, a ratio of one for every five shares issuable upon  conversion. Each warrant will entitle the holder to subscribe for one  ordinary share at 20 pence each.

With the prospect of further cash flow from licensing activities from  DataTern, Amphion's wholly-owned intellectual property development  company, an unleveraged balance sheet, as well as the prospect of  realizations from the portfolio in the future, the firm concluded that  it is appropriate to add a modest amount of convertible debt to the  balance sheet at this time.