Motif Bio PLC said it plans to raise about £19.4 million via a conditional placing to fund the development of iclaprim, its novel antibiotic candidate.

The company will issue new ordinary shares for the placing, which will be conducted through an accelerated bookbuild exercise. The placing is subject to approval of certain resolutions by company shareholders.

A portion of the proceeds will also be used for general corporate purposes.

Peel Hunt LLP is acting as book runner for the placing and nominated adviser to the company, while Northland Capital Partners Ltd. is acting as co-lead manager.