The Company expects to be able to provide guidance regarding the path forward for iclaprim upon receipt of the minutes from this meeting, which would typically be within 30 days from the meeting date.
Motif Bio plc (AIM/NASDAQ: MTFB), a clinical-stage biopharmaceutical company specialising in developing novel antibiotics, announces it has raised £2.7 million (US$3.55 million), before expenses by way of a placing (the “Placing”) via the issue of 45,000,000 ordinary shares in the capital of the Company with new and existing investors (the “Placing Shares”) at an issue price of 6p per Placing Share, to provide Motif with additional working capital.
As announced by the Company on 20 March 2019, a Type A meeting with the U.S. Food and Drug Administration (“FDA”) has been scheduled for 3 May 2019 to discuss the points raised in the Complete Response Letter received in respect of the Company’s New Drug Application (NDA) for iclaprim for the treatment of acute bacterial skin and skin structure infections. The Company expects to be able to provide guidance regarding the path forward for iclaprim upon receipt of the minutes from this meeting, which would typically be within 30 days from the meeting date.
The net proceeds from the Placing, when taken together with the Company’s existing cash resources, are expected to be sufficient to fund the business beyond the expected receipt of the FDA meeting minutes in June.
Assuming a viable route to approval, it is expected that further additional funds will be required to resubmit an NDA and reach a new approval date.
Graham Lumsden, Chief Executive Officer of Motif Bio, said:
“We are encouraged by the support shown by both new and existing investors as we strengthen our balance sheet. The Company now expects to be funded through completion of the FDA meeting and receipt of the minutes, which should provide guidance regarding the path forward for iclaprim.”
Details of the Placing
The Placing Shares will rank pari passu with the existing ordinary shares of 1 pence each in the capital of the Company (the “Ordinary Shares”) and application has been made for the Placing Shares to be admitted to trading on AIM (“Admission”). The Placing is conditional, inter alia, on Admission, and dealings are expected to commence at 8.00am on 29 March 2019.
The Placing, which utilises the Company’s existing authorities to issue Ordinary Shares, was undertaken by SP Angel Corporate Finance LLP (“SP Angel”) who acted as bookrunner to the Company. SP Angel has also been appointed as the Company’s Joint Broker with immediate effect.
Total Voting Rights
Following Admission, the Company’s enlarged issued share capital will comprise 342,491,023 Ordinary Shares with voting rights. This figure may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
The person responsible for the release of this announcement on behalf of Motif Bio plc is Jonathan Gold, Interim Chief Financial Officer.
A copy of this announcement has been posted on the Company’s website at www.motifbio.com.
For further information please contact:
Motif Bio plc | |
Graham Lumsden (Chief Executive Officer) | |
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Peel Hunt LLP (NOMAD & JOINT BROKER) | + 44 (0)20 7418 8900 |
Dr Christopher Golden | |
Oliver Jackson | |
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SP ANGEL CORPORATE FINANCE LLP (BOOKRUNNER & JOINT BROKER) | +44 (0)20 3470 0470 |
David Hignell |
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Vadim Alexandre |
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Rob Rees |
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Walbrook PR Ltd. (UK FINANCIAL PR & IR) | +44 (0) 20 7933 8780 |
Paul McManus/Helen Cresswell/ | |
Lianne Cawthorne | |
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MC Services AG (EUROPEAN IR) | +49 (0)89 210 2280 |
Raimund Gabriel | |
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