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Motif Bio launches accelerated book-build placing to raise approximately £10mln to boost iclaprim investments

The AIM-listed biopharmaceutical company said the monies raised will be used to fund near-term regulatory and pre-commercial investments for iclaprim, its novel antibiotic candidate, and to strengthen the company's balance sheet

Antibiotics
The cash injection will be used to fund regulatory and pre-commercial investments for iclaprim, its next-generation antibiotic

Motif Bio PLC (LON:MTFB) (NASDAQ:MTFB) has launched a conditional placing, to raise approximately £10mln (US$14mln), from new and existing investors via an accelerated book-build.

The AIM-listed drug developer company said the monies raised will be used to fund near-term regulatory and pre-commercial investments for iclaprim, its next-generation antibiotic, and to strengthen the company's balance sheet.

READ: Motif Bio makes senior clinical development hire

Graham Lumsden, Motif Bio’s chief executive officer, said: “This funding, along with our existing resources, allows us to fund some regulatory and pre-commercialisation investments for iclaprim and strengthen our balance sheet ahead of entering into more advanced discussions with potential partners to commercialise iclaprim in the U.S. and elsewhere."

iclaprim is being developed to treat acute bacterial skin and skin structure infections (ABSSSI).

It passed a major milestone last year when it successfully concluded a second phase III clinical trial and in March initiated a rolling submission to the US Food and Drug Administration, while also preparing a marketing authorisation application to the European Medicines Agency.

The submission is expected to be completed in the second quarter of 2018.

Gram-positive 

The drug is a gram-positive antibiotic targeted especially to those who may have impaired kidneys, and/or face other compromising factors, such as diabetes.

It is estimated that up to 26% of the 3.6mln patients hospitalized annually with acute bacterial skin and skin structure infections have kidney disease.

Antibiotics are the most commonly prescribed class of drug, representing a global market of US$40bn. New, innovative approaches are needed, due to ever-evolving drug-resistant strains of bacteria. 

The global market for antibiotic drugs targeting difficult-to-treat infections, such as ABSSSI, is an estimated US$3bln and is dominated by vancomycin, a traditional first-line treatment.

 

Quick facts: Motif Bio PLC

Price: 0.5 GBX

AIM:MTFB
Market: AIM
Market Cap: £3.27 m
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