StockMarketWire.com - Motif Bio (AIM: MTFB), the clinical stage biopharmaceutical company specialising in developing novel antibiotics, has announced its maiden interim financial results as an AIM-listed company.

The net loss for the period was $1.86m.

Graham Lumsden, CEO of Motif Bio, said: "This has been a truly transformational period for Motif.

"In April, the company completed its IPO and listing on AIM raising £2.8m, which was followed by FDA approval to enter Phase III with iclaprim and a further successful share placing in July, which raised £22m from institutional investors, enabling Motif to proceed with its plans to conduct Phase III trials with iclaprim.

"Iclaprim is a broad-spectrum antibiotic designed to be effective against multi-drug resistant bacteria.

"Since the period end, Motif has achieved some important milestones. In July, we received QIDP (Qualified Infectious Disease Product) designation for iclaprim for two indications, ABSSSI (Acute Bacterial Skin and Skin Structure Infections) and HABP (Hospital Acquired Bacterial Pneumonia).

"In addition, as reported on 24 August, JMI Laboratories' independent report showed iclaprim to be effective in vitro against a broad range of Gram-positive bacteria. The results showed iclaprim to be 16 times more potent than trimethoprim, which is the only other antibacterial dihydrofolate reductase inhibitor administered alone in today's market.

"We continue to build value for our shareholders and are making excellent progress with the preparations for commencing the Phase III trials."


At 9:22am: [LON:MTFB] Motif Bio Plc Ord 1p share price was +0.75p at 50.75p



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