Motif Bio “Positive trial read out would likely trigger a significant rerating” says Northland Capital

Northland Capital partners view on Motif Bio Plc LON:MTFB: In line with our expectations, Motif Bio announced that the last patient has finished treatment in its first pivotal Phase 3 trial (REVIVE-1) on iclaprim. The completion of patient treatment represents a significant milestone, as the trial is now firmly on target to deliver top line results in Q2-2017. A positive read out in this trial would likely trigger a significant rerating of the Group’s shares.

Last patient has finished treatment phase in REVIVE-1 Phase 3 trial
n  Motif Bio announced that the last patient has finished the treatment phase in REVIVE-1, the Phase 3 clinical trial investigating the safety and efficacy of iclaprim in patients with acute bacterial skin and skin structure infections (ABSSSI).

n  Data read-out is expected in the second quarter of 2017.

n  Data read-out for REVIVE-2 is anticipated in the second half of 2017.

n  Successful completion of the two REVIVE trials is expected to satisfy both US FDA and EMA requirements for regulatory submission for intravenous iclaprim in the treatment of ABSSSI.

Year end Dec Revs (£m) Adj. EBITDA (£m) Adj. PBT (£m) Tax (%) Adj. EPS (p) PER (x) Div (p) Net cash (£m) Yield (%)
2014A (1.1) (1.2) (18.4) (8.7)
2015A (5.7) (8.5) (13.9)  24.8
2016E (28.0) (31.6) (29.1)  17.0
2017E 10.8 (28.3) (28.3) (15.6) (10.9)

Source: Northland Capital Partners Limited.

 

 

 

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