LONDON (Alliance News) - Motif Bio PLC on Wednesday morning reported a widened pretax loss for 2015 as it continued to progress its lead compound, antibiotic iclaprim, towards commercialisation, and was hit by costs related to its recent London listing.
The company reported a pretax loss of USD8.5 million for 2015, widened from a pretax loss of USD1.2 million in 2014, mostly as a result of higher research and development costs and administrative expenses. Motif Bio listed on AIM in April 2015, raising GBP2.8 million in its initial public offering.
Following its listing, the company subsequently raised GBP22 million in a share placing, which will help it progress iclaprim through phase III trials.
Motif began dosing the first patient in these late-stage trials in March, and it said that provided it can successfully raise additional development capital, these trials are expected to be completed within 18 months. It expects to have an application submitted to the US Food & Drug Administration by the end of 2017 "if all goes well".
"Motif Bio is now well-positioned as an antibiotic development company with a lead compound, iclaprim, in Phase III clinical trials targeting serious and life threatening infections and with commercialisation anticipated for 2018. We are in the rare position of already having data from more than 500 patients establishing safety and efficacy of iclaprim, including activity against multi-drug resistant bacteria such as MRSA," said Chief Executive Officer Graham Lumsden in a statement.
Shares in Motif Bio were down 0.7% at 40.80 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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