LONDON (Alliance News) - Motif Bio PLC said Wednesday that the final condition of its recently announced GBP22 million share placing has been satisfied, as its flagship antibiotic iclaprim has been designated in the US as a qualified infectious diseases product for hospital-acquired bacterial pneumonia.
Motif raised GBP22 million through the placing of 44 million shares at 50 pence per share in June.
Iclaprim also is awaiting a designation by the US Food and Drug Administration as a qualified infectious diseases product for acute bacterial skin and skin structure infections, which is expectedly shortly.
This designation makes iclaprim eligible for certain incentives, including priority review, fast track designation and a five-year extension to market exclusivity.
Shares in Motif were trading down 2.9% at 67.50 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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