Motif Bio plc (LSE: MTFB), the clinical stage biopharmaceutical company specialising in developing novel antibiotics, reports to the market today the non-statutory financial statements of its wholly-owned subsidiary, Motif BioSciences, Inc. for the year ended 31 December 2014 – a period prior to the completion of the Company’s merger, acquisition, and admission to AIM.
Since the end of the period covered by these financial statements, Motif Bio plc has completed the Group re-organisation, a necessity of becoming the holding company of the Group. Motif has also converted and restructured its liabilities, acquired the iclaprim assets, and raised new funds of approximately US $4.3 million, before issue costs of approximately US $1.0 million, through a placing and subscription of new shares and seen its shares admitted to trading on AIM.
These financial statements have been published to enable Motif Bio plc to comply with its financial reporting obligations under the AIM Rules and are presented and prepared in a form consistent with the financial information, and on the basis of the accounting policies of Motif BioSciences, Inc. set out in Part IV of the AIM admission document published by Motif Bio plc on 27 March 2015.
POST BALANCE SHEET HIGHLIGHTS:
- A transformational period including completion of the Group’s re-organisation, acquisition of iclaprim’s assets, US $4.3 million raised in new funds and successful listing on AIM.
- On 15 April 2015, the U.S. Food and Drug Administration (FDA) agreed to the proposed Phase III clinical development programme for iclaprim.
- On 1 June 2015, Motif BioSciences, Inc. signed Letters of Intent and interim agreements with a leading global Clinical Research Organisation – one of the world’s top five providers of Phase I-IV clinical trial management services and to date, has contributed to the development of all of the top 50 prescription medicines on the market.
- Motif Bio plc selected to present at the 2015 BIO Equity Conference and at the 2015 BIO International Convention, two leading global partnering and investor events for the Biotechnology sector.
- One of the few opportunities for AIM investors to gain exposure to a late stage clinical asset that already has a wealth of safety and efficacy data from previously completed Phase III trials.
Richard Morgan, Chairman of Motif Bio plc, commented:
“Motif Bio plc has made excellent progress in a short period of time towards the goal of completing the clinical development of iclaprim and bringing this novel antibiotic to market. It is unusual to have a late stage clinical asset that already has a wealth of safety and efficacy data from previously completed Phase III trials, and that now has agreement from the FDA to initiate a new Phase III programme. The scientists at Motif Bio plc have been able to identify a number of ways to improve this new Phase III programme, based on careful analysis of the existing data, the evolving knowledge of infectious diseases, and the improved regulatory environment.
“With new incentives from governments, including the GAIN Act in the US, broad recognition by politicians and regulators of the need to help speed the development of novel antibiotics, and the unique properties of iclaprim, Motif Bio plc is well placed to make an important contribution in response to the challenges of anti-microbial resistance and the need for novel antibiotics.”
Motif Bio plc
Graham Lumsden, Chief Executive Officer
Robert Bertoldi, Chief Financial Officer
Zeus Capital Limited (Nominated Advisor and Broker)
Phil Walker / Dan Bate
+44 (0) 20 3829 5000
Northland Capital Partners (Broker)
+44 (0) 207 382 1100
Plumtree Capital Limited (Financial Advisor)
+44 (0) 207 183 2493
Yellow Jersey PR
+44 (0) 7768 537 739
Notes to Editors
Motif is a clinical stage biopharmaceutical company, which specialises in developing novel antibiotics designed to be effective against serious and life-threatening infections caused by multi-drug resistant bacteria. The Company has a lead antibiotic candidate, iclaprim, in clinical development and MTF-001, a preclinical stage programme to design a best-in-class dihydrofolate reductase inhibitor (DHFRi).
Iclaprim is being developed for the treatment of the most common and serious bacterial infections such as acute bacterial skin and skin structure infections (ABSSSI) and hospital acquired bacterial pneumonia (HABP), including those caused by resistant strains such as MRSA (methicillin-resistant Staphylococcus aureus) and MDRSP (multi-drug resistant Streptococcus pneumoniae) that have become prevalent in patients in both the community and hospital settings.