Motif Bio plc (LSE: MTFB), the clinical stage biopharmaceutical company specialising in developing novel antibiotics, is pleased to announce that the Company has today conditionally placed 44,000,000 new ordinary shares, through Zeus Capital and Northland Capital Partners as joint brokers to the Company, at a placing price of 50p per ordinary share with institutional investors to raise £22 million.
The Placing is conditional, inter alia, upon:
(i) Shareholders approving the Resolutions at the General Meeting to grant to the Directors the authority to allot the Placing Shares and permit the disapplication of statutory pre-emption rights in respect of the allotment of the Placing Shares; and
(ii) the successful grant of the QIDP designation for iclaprim in the US (such grant not to be later than 24 July 2015).
The Company further announces the appointment of Zeus Capital as its Nominated Adviser and Joint Broker with immediate effect.
Graham Lumsden, CEO, commented:
“Following so quickly on from our AIM-listing in early April 2015, and the FDA’s approval of our proposed Phase III clinical development programme for iclaprim on April 15, I am very pleased to see this level of support and confidence from institutions. At our IPO, we indicated that we would, with sufficient funding, be in a position to commercialise iclaprim within 36 months of our listing, and this fund-raising is key to realising this exciting goal. We are confident that we remain on target.”
Defined terms used in this announcement have the same meaning as those used in the circular relating to the Placing, a copy of which will shortly be available on the Company’s website at www.motifbio.com and which will also be posted to shareholders today.
Your attention is drawn to the information contained in the Circular and you should not rely solely on the summary set out herein.
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.