- Antibiotics developer Motif Bio booked an narrower annual loss as it cut R&D spending.

Pre-tax losses for the year through December amounted to $14.0m, narrowing from losses of $44.8m on-year.

'Motif Bio had an incredibly productive year in 2018, including submitting a new drug application to the US FDA for iclaprim for the treatment of patients with acute bacterial skin and skin structure infections,' chief executive Graham Lumsden said.]

'Unfortunately, in February 2019 we unexpectedly received a complete response letter from FDA notifying Motif that the NDA for iclaprim could not be approved as submitted.'

'The agency has asked for additional data to assess the potential for liver toxicity and we have a confirmed FDA meeting date of May 3, 2019 to discuss the concerns noted in the complete response letter.'

'We expect to be joined at the meeting by two external experts and anticipate a collaborative discussion and hopefully an acceptable path forward.'

'We believe that iclaprim can be a valuable option for patients and their providers who are in need of new antibiotic treatment options.'

At 9:30am: [LON:MTFB] Motif Bio Plc Ord 1p share price was -0.43p at 8.34p

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