Motif Bio plc (“Motif Bio”, “the Company”) is classified as an AIM Rule 15 cash shell as announced in the RNS on January 28th, 2020. This follows the completion of the restructuring approved by shareholders at the 14 November 2019 General Meeting. The Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules within six months of January 28th, 2020, failing which the Company’s ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40.
The Company’s Directors are focused on sourcing an appropriate reverse takeover candidate for Motif Bio. There is no assurance that the effort will be successful to source and/or complete a reverse takeover transaction.
Further, Motif BioSciences Inc., the company’s wholly owned subsidiary, has ceased all operations and has engaged Tamarack Associates to facilitate the sale of iclaprim and its other assets. For inquiries related to Motif BioSciences Inc. and iclaprim, John Palmer of Tamarack Associates can be reached at email@example.com.