Motif BioSciences acquires late stage antibiotic and announces pre-IPO financing


Plans to start Phase III trials this year in two serious hospital-acquired infections

Motif BioSciences, a US-based drug discovery and development company focused on solutions for the antibiotic crisis, is to merge with a private company that holds the intellectual property and worldwide rights to a clinical stage antibiotic against MRSA and multi-drug resistant bacteria. Motif plans to start Phase III trials this year in two hospital-acquired infections.

The deal closure is conditional upon Motif completing an IPO before 31 March.

Motif has completed a pre-IPO AIM financing of £470,000 through the issue of convertible promissory notes. These notes will automatically convert into ordinary shares upon an AIM admission on or before 31 March.

Motif is a partner company of Amphion Innovations, a developer and financier of medical, life science, and technology businesses. As of 31 December 2013, Amphion owned 32% of Motif.

Richard Morgan, CEO of Amphion, said: 'The acquisition of this clinical stage antibiotic is a game changer for Motif.'

'Motif's upcoming IPO will fund this exciting plan and we believe will generate and return value to both Motif and Amphion shareholders alike.'

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Amphion has significant shareholding in seven partner companies, which collectively own or control more than 200 separately identified pieces of intellectual property.