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Motif Bio completes £10M placing

New York's Motif Bio plc completed a placing of ordinary shares to raise £10 million.

The company issued 32,258,064 new ordinary shares, priced 31 pence per share, to new and existing investors.

Peel Hunt LLP is acting as bookrunner, with Northland Capital Partners Ltd. as co-lead manager related to the placing. Peel Hunt is also acting as nominated adviser to Motif Bio.

Motif Bio previously said it plans to use net proceeds to fund the development of iclaprim — its antibiotic candidate for treating skin infections — as well as to strengthen its balance sheet. The company recently started the rolling submission of a new drug application to the U.S. Food and Drug Administration for iclaprim.