Motif Bio pushes ahead on clinical trials as investors await news on funding
Motif Bio continued to push ahead in its clinical trials for two antibiotics against drug-resistant bacteria, even as its funding options were recently put under the microscope after it postponed listing on Nasdaq.
MOTIF BIO
£0.01
08:30 29/07/20
During the first half of the year the company initiated phase three clinical trials for its Iclaprim treatment against Acute Bacterial Skin and Skin Structure Infections (ABSSSI).
The company also continued to make preparations for beginning phase three trials for Iclaprim against pneumonia acquired by patients at hospitals by the end of 2016.
AIM-listed Motif was also carrying out a preclinical development programme to develop a formulation of Iclaprim suitable for adolescent and pediatric patients, alongside work on its MTF-101 treatment for osteomyelitis and for patients with prosthetic joint infections.
As a result, over the latest six-month period the clinical stage biopharmaceutical company's net loss ballooned from $1.857m to $14.151m, as overhead costs almost double to $1.927m and R&D expenses ramped up to $12.026m.
Cash and cash equivalents were approximately $19.5m at the end of the second quarter, down from the $28.6m on hand at the end of 2015.
As of 16:19 BST shares in Motif were down 2.90% to 46.0p having suffered a large drop over recent weeks after announcing it had deferred a listing of American Depositary Shares on the NASDAQ Global Market.
"Motif has gained shareholder approval to issue up to 100 million shares, so this could raise as much as £50m, although there is no certainty how many shares will eventually be issued. Motif’s cash outflow is currently forecast to be $24.3m in 2016 and $27.9m in 2017," Northland Capital said on 15 August.