Graham Lumsden, CEO of Motif Bio plc LON:MTFB said: “2015 was a transformational year for Motif Bio, with admission to AIM in April, securing capital of GBP23 million (net of expenses) through two equity fundraisings, and achieving a number of key milestones that provides the Company with a platform for further progress in 2016.
Motif Bio is now well-positioned as an antibiotic development company with a lead compound, iclaprim, in Phase III clinical trials targeting serious and life threatening infections and with commercialisation anticipated for 2018. We are in the rare position of already having data from more than 500 patients establishing safety and efficacy of iclaprim, including activity against multi-drug resistant bacteria such as MRSA.”
Motif Bio plc (LON:MTFB), the clinical stage biopharmaceutical company specialising in developing novel antibiotics, has given DirectorsTalk its maiden full year audited financial results as an AIM-listed company.
Corporate/operational highlights:
-- AIM listing raising GBP2.8 million (before expenses) at 20 pence per share on 2 April 2015; -- The U.S. Food and Drug Administration (FDA) agreed to Phase III trials of iclaprim; -- QIDP designation granted by the FDA for iclaprim in ABSSSI and HABP in July 2015;
— Independent tests by JMI Laboratories showed iclaprim to be effective in vitro against a range of Gram-positive bacteria and 16 times more potent than trimethoprim; and
— Motif contracted with Covance, a global leading CRO for Phase III clinical trials of iclaprim
Financial Highlights:
— Successful placing on 22 July 2015 raising GBP22 million (before expenses) at 50 pence per share;
-- Cash and cash equivalents as at 31 December 2015 of US $28.6 million (31 December 2014: nil)
Since Period End:
-- Began dosing the first patient in the Phase III iclaprim trials in March 2016; -- Named MTS Health Partners as U.S. Corporate Financial Advisor; -- Appointed The Fulford Group Ltd. as specialist advisor; and
— Appointed Pete A. Meyers as CFO, Rajesh B. Shukla as Vice President Clinical Operations, and named Jon Gold as strategic financial consultant
The Annual Report will be posted to shareholders and made available on the Company’s website www.motifbio.com by 30 April 2016 and will contain a notice of the Company’s forthcoming Annual General Meeting which will be held in London on 2 June 2016.
