Motif Bio has announced that it has raised £2.7 million from a share placing, to provide additional working capital.
It occurred by way of a placing, via the issue of 45,000,000 ordinary shares in the capital of the company with new and existing investors at an issue price of 6p per placing share.
The news comes shortly after the announcement that a Type A meeting with the US Food and Drug Administration (FDA) has been scheduled for 3 May 2019, to discuss the points raised in the Complete Response Letter received in respect of the Company’s New Drug Application (NDA) for iclaprim, for the treatment of acute bacterial skin and skin structure infections.
The released statement claims that the net proceeds from the Placing, when taken together with the Company’s existing cash resources, are expected to be sufficient to fund the business beyond the expected receipt of the FDA meeting minutes in June.
Graham Lumsden, chief executive officer of Motif Bio, said: “We are encouraged by the support shown by both new and existing investors as we strengthen our balance sheet. The Company now expects to be funded through completion of the FDA meeting and receipt of the minutes, which should provide guidance regarding the path forward for iclaprim.”