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Motif Bio closes placing to fund novel antibiotic development

Motif Bio PLC closed its conditional placing of new ordinary shares to fund the development of iclaprim, the company's novel antibiotic candidate.

A total of 66,666,667 new ordinary shares of 1 penny each in the capital of the company was placed with new and existing investors at a price of 30 pence apiece, for a total of £20 million before expenses. The placing is conditional on the passing of certain resolutions by Motif Bio shareholders at the company's June 22 general meeting.

The placing shares will represent 34% of the issued ordinary share capital of the company before the placing.

The company's issued share capital will comprise 262,878,775 ordinary shares of 1 penny each following the issue of the placing shares. The total number of voting rights in Motif Bio will be 262,878,775.

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