- Cash shell Motif Bio said confidential marketing had began for a fundraising to accompany a planned reverse takeover deal.

Motif Bio said it was now working towards completing the previously announced reverse takeover transaction with a UK based anti-body drug conjugate drug discovery and development company.

'The board expects that further details of the transaction will be announced later in May with a general meeting and shareholder vote to follow thereafter,' the company said

'In support of the transaction, the board has agreed to forgo all previously agreed cash incentives tied to the occurrence of a reverse takeover.'

Story provided by