LONDON (Alliance News) - Motif Bio PLC said Thursday posted a widened pretax loss for the first half of 2015, its maiden interim results after listing on AIM in April
The company posted a pretax loss of USD1.9 million for the six months to June 30, widened from USD546,117 a year before, as a result of higher general and administrative expenses and costs related to the company's listing on AIM, as well as research and development costs.
Motif raised GBP2.8 million in its flotation and a further GBP22 million in a share placing following the period end in July.
The company is progressing its flagship antibiotic iclaprim, and the US Food and Drug Administration approved phase III trials of iclaprim shortly after its listing.
"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)," said Chief Executive Officer Graham Lumsden in a statement.
On Monday, the company had said an independent report from JMI Laboratories showed "encouraging" iclaprim against a range of Gram-positive bacteria including staphylococcus aureus.
"We continue to build value for our shareholders and are making excellent progress with the preparations for commencing the Phase III trials," Lumsden added.
Shares in Motif were down 0.8% at 49.61 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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