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Motif Bio plc expects data readout earlier than forecast

Patient enrolment is better than expected meaning data readout will come earlier than forecast. Meanwhile, the group also re-negotiates CPN terms with Amphion.

Acute Bacterial Skin Infection
The REVIVE-1 is enrolling patients with Acute Bacterial Skin Infections

Motif Bio Plc (LON:MTFB) reported that patient enrolment for REVIVE-1, one of its two Phase 3 clinical trials, has exceeded projections.

Data readout is now expected in the second quarter of 2017, rather than the second half of 2017, as previously stated.

The REVIVE-1 trial is currently enrolling patients with Acute Bacterial Skin and Skin Structure Infections.

REVIVE-2 remains on track with data readout continuing to be expected in the second half of 2017.

The group also announced it had re-negotiated the terms of the April convertible promissory notes held by Amphion Innovations (LON:AMP) and its US subsidiary, worth around US$3.5mln.

Motif Bio has paid around US$314,000 in cash, and agreed with the noteholders to issue 409,000 ordinary shares to Amphion in full satisfaction of the interest payments through to maturity date.

In addition, Motif Bio has entered into an agreement with Amphion to provide certain corporate services such as investor relations, back office and accounting functions.

Conditional on the company listing on NASDAQ, Amphion would provide the services for a minimum term of 12 months for a fee of US$15,500 per month.

Quick facts: Motif Bio PLC

Price: 0.0688 GBX

AIM:MTFB
Market: AIM
Market Cap: £333.92 k
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