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Amphion partner Motif to raise at least £4mln through AIM float


Amphion Innovations’ (LON:AMP) partner company Motif Bio will raise at least £4mln in new money when it lists on AIM. 

Motif specialises in the development of antibiotics to treat the new breed of super resistant bacteria. 

Its lead antibiotic candidate, iclaprim, is in clinical development with another treatment, MTF-001 adihydrofolate reductase inhibitor (DHFRi), at the pre-clinical stage.

Discussions and negotiations with academic institutions and pharmaceutical companies are under way to build a portfolio of antibiotic candidates through licensing, while Motof hopes that iclaprim could be ready for within approximately 36 months.  

Richard Morgan, CEO of Amphion, said: "Increased drug resistance in bacteria is being recognized as a global health crisis by heads of state as well as distinguished leaders in the fields of medicine and drug development. 

“We are delighted to announce Motif's intention to float on AIM.   Motif has the team in place to execute on its substantial growth opportunities and this placing and flotation on AIM will provide the capital required to progress the multiple drug development projects in Motif's exciting pipeline."

Amphion owns 32% of Motif at the end of 2013 and its AIM-listed shares rose by 12% today to 3.5p.

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