LONDON (Alliance News) - Biopharmaceutical firm Motif Bio PLC said it has successfully raised GBP10 million via an accelerated bookbuild exercise on Thursday.
The company placed 32.3 million shares at 31 pence per share, as it announced it planned to do earlier Thursday, representing 10.9% of Motif Bio's total stake prior to the placing. Following the placing the company's total share issue is 296.5 million shares.
The funds raised will be used by the biopharmaceutical company to strengthen balance sheet and fund near term investments for iclaprim, the company's novel antibiotic.
Peel Hunt LLP is acting as bookrunner in relation to the share placing.
Motif Bio shares were trading down 3.7% at 32.50 pence each.