Motif Bio PLC Final condition of £22m placing satisfied (7048T)
July 22 2015 - 02:00AM
UK Regulatory
TIDMMTFB TIDMAMP
RNS Number : 7048T
Motif Bio PLC
22 July 2015
22 July 2015
Motif Bio plc
("Motif" or the "Company")
Final condition of GBP22 million placing satisfied with FDA QIDP
Designation for iclaprim
Motif Bio plc (LSE: MTFB), the clinical stage biopharmaceutical
company specialising in developing novel antibiotics, announces
that further to the Company's announcement on Friday 17 July 2015,
the US Food & Drug Administration ("FDA") has designated
iclaprim, a broad-spectrum antibiotic designed to be effective
against multi-drug resistant bacteria, as a Qualified Infectious
Diseases Product ("QIDP") for hospital acquired bacterial pneumonia
("HABP"), the final condition of the GBP22 million placing which
was announced on 23 June 2015 has been satisfied. The satisfaction
of the other condition, the shareholders approving resolutions
related to the placing at a General Meeting, was announced by the
Company on 10 July 2015.
The Company expects that admission and dealings in the
44,000,000 placing shares (the "Placing Shares") will commence on
27 July 2015.
As previously announced, the Company requested QIDP designation
for iclaprim for two serious and life threatening infections, HABP
and acute bacterial skin and skin structure infections ("ABSSSI").
QIDP designation has been confirmed for HABP and an additional
administrative step has been requested by the FDA in order to
confirm QIDP designation for ABSSSI. Motif has already complied
with the requested additional administrative step and is awaiting
confirmation of the grant of QIDP designation for ABSSSI from the
FDA, which is expected shortly.
QIDP designation, provided under the Generating Antibiotic
Incentives Now Act ("GAIN Act"), makes iclaprim eligible for
certain incentives, including priority review and fast track
designation. QIDP designation also means that iclaprim is eligible
for an additional five-year extension of Hatch-Waxman exclusivity,
giving a total of 10 years of market exclusivity which will run
from the date of approval.
Graham Lumsden, CEO of Motif Bio plc said:
"QIDP designation for iclaprim for HABP is an important step in
continuing to build the value of iclaprim and is another positive
for Motif and our investors. We believe that iclaprim is the first
and only dihydrofolate reductase inhibitor to receive QIDP
designation.
"Further, we are delighted to have satisfied the final condition
of our recently announced placing, and with the support of our
investors look forward to commencing the Phase III trials for
iclaprim and further advancing the Company's portfolio."
Total Voting Rights
Following admission of the Placing Shares, the total issued
share capital of the Company will be 108,346,216 ordinary shares
with one voting right each. The Company does not hold any shares in
treasury.
Accordingly, the total voting rights in the Company will be
108,346,216. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Disclosure
and Transparency Rules of the UK Financial Conduct Authority.
Enquiries
Motif Bio plc info@motifbio.com
Graham Lumsden (Chief Executive
Officer)
Robert Bertoldi (Chief Financial
Officer)
www.motifbio.com
Zeus Capital Limited (Nominated +44 (0) 207
Advisor and Broker) 533 7727
Phil Walker / John Treacy
Dominic Wilson
Northland Capital Partners Limited +44 (0) 20
(Broker) 7382 1100
Patrick Claridge/David Hignell
John Howes/Mark Treharne (Broking)
Plumtree Capital Limited (Financial
Advisor) +44 (0) 207
Stephen Austin 183 2493
+49 (0) 89
MC Services AG (Public Relations) 210 2280
Raimund Gabriel +44 (0) 207
Shaun Brown 148 5998
Yellow Jersey PR Limited (Investor
Relations)
Dominic Barretto +44 (0) 7768
Fiona Walker 537 739
Notes to Editors:
Motif is a clinical stage biopharmaceutical company, which
specialises in developing novel antibiotics designed to be
effective against serious and life-threatening infections caused by
multi-drug resistant bacteria. The Company has a lead antibiotic
candidate, iclaprim, in clinical development and MTF-001, a
preclinical stage programme to design a best-in-class dihydrofolate
reductase inhibitor (DHFRi).
Iclaprim is being developed for the treatment of the most common
and serious bacterial infections such as acute bacterial skin and
skin structure infections (ABSSSI) and hospital acquired bacterial
pneumonia (HABP), including those caused by resistant strains such
as MRSA (methicillin-resistant Staphylococcus aureus) and MDRSP
(multi-drug resistant Streptococcus pneumoniae) that have become
prevalent in patients in both the community and hospital
settings.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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