StockMarketWire.com - Antibiotics developer Motif Bio said annual losses deepened, partly due to a rise in staff remuneration costs as it grew its headcount.

Pre-tax losses amounted to $44.8m, compared to red ink of $40.3m in 2016.

The increase in expenses was primarily due to costs associated with being a public company, increases in employee benefits due to an increase in the number of employees and increases in the costs of outside professional and advisory services, the company said.

'Motif Bio made tremendous progress in 2017, accomplishing several critical milestones, including announcing positive topline results from two Phase 3 clinical trials with iclaprim in acute bacterial skin and skin structure infections and publishing and presenting important clinical and other data about iclaprim,' chief executive Graham Lumsden said.

'These activities have laid the foundation for success in 2018, when we plan to complete regulatory submissions for iclaprim in both the US and Europe, continue pre-commercialisation activities to increase awareness of iclaprim in the medical community and amongst hospital formulary committees and finalise our commercialisation strategy for the US.'


At 10:02am: [LON:MTFB] Motif Bio Plc Ord 1p share price was -2.17p at 33.48p



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