Motif BioSciences has agreed the acquisition of a new clinical treatment for MRSA and other drug-resistant bacteria as it gears up to list on AIM.
Once it completes its initial public offering (IPO), Motif will merge with the private company that owns the intellectual property and world-wide rights to the clinical stage antibiotic.
Phase III trials are scheduled to start this year in two serious hospital-acquired infections.
A condition of the merger is that Motif completes its AIM float before the end of March. Ahead of that Motif has completed a pre-IPO AIM financing of £470,000 of convertible promissory notes.
Richard Morgan, Amphion’s chief executive, said: "Resistance to antibiotics is a major global public-health crisis.
"The most urgent need for novel antibiotics effective against multi-drug resistant bacteria is in the hospital setting where patients often succumb to serious, life-threatening infections that require immediate treatment with the best available antibiotic.
"The acquisition of this clinical stage antibiotic is a game changer for Motif. As a result of change in the regulatory environment geared to encourage new antibiotics, we believe we have identified the right course for regulatory approval.
“Motif's upcoming IPO will fund this exciting plan and we believe will generate and return value to both Motif and Amphion shareholders alike."