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Motif Bio successfully raises US$25mln

The firm will receive a net US$21.4mln that will be used to complete the REVIVE-1 phase III clinical studies of its next-generation antibiotic iclaprim.

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The cash will be used to fund clinical trials of a next-generation antibiotic.

Motif Bio Plc (LON:MFTB) has successfully raised US$25mln via a transatlantic placing of shares and warrants, it confirmed Thursday.

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 were given the chance to buy 2.44mln American Depositary Shares and 1.22mln warrants.

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

READ: The announcment in full

The firm will receive a net US$21.4mln that will be used to complete the REVIVE-1 phase III clinical studies of its next-generation antibiotic iclaprim.

“Iclaprim is set to fill a major market void in the wake of a global public health crisis driven by rampant antibiotic resistance,” said Northland Capital analyst Vadim Alexandre in a recent note.

“Completing a NASDAQ listing represents another milestone for Motif,” said Vadim Alexandre of Northland Capital.

The shares were up 1% in early afternoon trade at 24.5p, valuing the business at £27mln.

The Northland analyst reckons they are worth 114p each.

“ Iclaprim is set to fill a major market void in the wake of a global public health crisis driven by rampant antibiotic resistance,” said Alexandre.

Adds share price and broker comment

Quick facts: Motif Bio PLC

Price: 0.0688 GBX

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