Motif Bio plc is looking to raise £10 million via the sale of shares to new and existing investors.
The British company will conduct the placing through an accelerated bookbuild. Motif Bio said the final number of ordinary shares to be issued and the price per share will be announced at the bookbuild's closing.
Motif Bio will use net proceeds to fund near-term regulatory and precommercial investments for iclaprim, as well as to strengthen its balance sheet.
Iclaprim is Motif Bio's antibiotic candidate to treat acute bacterial skin and skin structure infections. The company recently initiated the rolling submission of iclaprim's new drug application with the U.S. Food and Drug Administration.
Peel Hunt LLP is acting as book runner and nominated adviser to Motif Bio and is co-lead manager with Northland Capital Partners Ltd.