Motif Bio Plc (LON:MTFB) said it remains confident of putting new funding in place after it revealed that its phase III clinical trial of a next-generation antibiotic is running ahead of schedule.
While progress to date hasn’t increased the overall cost of the REVIVE 1 study it means Motif’s liabilities will exceed cash resources by around US$4mln.
Followers of the AIM-quoted company will remember it is in the process of seeking a NASDAQ listing, which would see it raise a significant amount of fresh capital.
Any share issue would be cornerstoned by the fund giant Invesco Asset Management, which has pledged US$8.6mln.
It has appointed HC Wainwright as Underwriter and book-running manager.
However the drug developer requires a more immediate fix, or a rescheduling of the costs incurred with the contract research firm carrying out the trial.
“The directors are confident that the group will be able to secure sufficient additional financing through public markets, private financing and partnering opportunities,” Motif said.
“The directors continue to progress the share offering in the United States and Europe with the support of Invesco Asset Management.”