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Motif Bio outlines plans to raise US$25mln and join NASDAQ

The fundraiser the AIM-listed drug developer join the NASDAQ exchange that is home to some of America’s largest tech and biotech companies.

nasdaq sign, new york near time square
The company plans to join the US tech market.

Motif Bio Plc (LON:MTFB) has outlined plans to raise US$25mln via a transatlantic offering of shares and warrants.

The two-part issue of new paper will see the AIM-listed drug developer join the NASDAQ exchange that is home to some of America’s largest tech and biotech companies.

Investors in the States are being given the chance to buy 2.44mln American Depositary Shares and 1.22mln warrants.

The US IPO is contingent on European investors taking up 20mln shares and 10mln warrants.

“The company has received indications of interest from investors which would be sufficient to satisfy this condition,” Motif said.

The firm will receive a net US$20.5mln that will be used to complete the REVIVE-1 phase III clinical studies of its next-generation antibiotic iclaprim.

“The company will require additional funds to complete the REVIVE-2 trial and plans to raise the additional capital through public or private financings and/or other partnering opportunities,” Motif added.

Quick facts: Motif Bio PLC

Price: 0.0576 GBX

AIM:MTFB
Market: AIM
Market Cap: £279.56 k
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