Placing to raise £22 million, appointment of Nominated Adviser and Joint Broker
25th June 2015
Motif Bio plc (LSE: MTFB), the clinical stage biopharmaceutical company specialising in developing novel antibiotics, is pleased to announce that the Company has today conditionally placed 44,000,000 new ordinary shares, through Zeus Capital and Northland Capital Partners as joint brokers to the Company, at a placing price of 50p per ordinary share with institutional investors to raise £22 million.
The Placing is conditional, inter alia, upon:
- Shareholders approving the Resolutions at the General Meeting to grant to the Directors the authority
to allot the Placing Shares and permit the disapplication of statutory pre-emption rights in respect of the allotment of the Placing Shares; and
- the successful grant of the QIDP designation for iclaprim in the US (such grant not to be later than 24 July 2015).
The Company further announces the appointment of Zeus Capital as its Nominated Adviser and Joint Broker with immediate effect.
Graham Lumsden, CEO, commented:
“Following so quickly on from our AIM-listing in early April 2015, and the FDA’s approval of our proposed Phase III clinical development programme for iclaprim on April 15, I am very pleased to see this level of support and confidence from institutions. At our IPO, we indicated that we would, with sufficient funding, be in a position to commercialise iclaprim within 36 months of our listing, and this fund-raising is key to realising this exciting goal. We are confident that we remain on target.”