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Motif Bio plc

("Motif Bio" or the "Company")



Corporate Update



Motif Bio plc (AIM: MTFB), which has been reclassified as an AIM Rule 15 cash shell, provides an update on corporate developments.



As announced on 28 January 2020, Motif Inc. ceased all operations and engaged Tamarack Associates to facilitate the sale of iclaprim and other assets of Motif Inc. It remains the case that in spite of a comprehensive outreach programme, no transaction is currently pending for the sale of Motif Inc.'s assets and there can be no assurance that there will be a transaction to monetise the assets.



Following reclassification, the Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules by 28 July 2020, failing which the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40. The Company's admission to trading on AIM would then be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.



The Company's Directors remain focused on sourcing an appropriate reverse takeover candidate for Motif Bio and this search continues. At present, no assurances can be provided that the effort will be successful to source and/or complete a reverse takeover transaction. The Company's Directors will provide shareholders with further updates as appropriate.



The Company currently has sufficient working capital into May 2020. As such, the Directors continue to impose disciplined cost controls and the Company is maintaining very limited operations.

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Share Price Information for Motif Bio (MTFB)
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Share Price:
1.378
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1.30
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1.1929 (644.46%)
Spread: -0.10 (-7.69%) Open: 0.196 High: 1.378 Low: 0.18 Yest. Close: 0.1851
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Corporate Update
Wed, 18th Mar 2020 07:00

RNS Number : 5384G
Motif Bio PLC
18 March 2020



Motif Bio plc

("Motif Bio" or the "Company")



Corporate Update



Motif Bio plc (AIM: MTFB), which has been reclassified as an AIM Rule 15 cash shell, provides an update on corporate developments.



As announced on 28 January 2020, Motif Inc. ceased all operations and engaged Tamarack Associates to facilitate the sale of iclaprim and other assets of Motif Inc. It remains the case that in spite of a comprehensive outreach programme, no transaction is currently pending for the sale of Motif Inc.'s assets and there can be no assurance that there will be a transaction to monetise the assets.



Following reclassification, the Company is required to make an acquisition which constitutes a reverse takeover under the AIM Rules by 28 July 2020, failing which the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40. The Company's admission to trading on AIM would then be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.



The Company's Directors remain focused on sourcing an appropriate reverse takeover candidate for Motif Bio and this search continues. At present, no assurances can be provided that the effort will be successful to source and/or complete a reverse takeover transaction. The Company's Directors will provide shareholders with further updates as appropriate.



The Company currently has sufficient working capital into May 2020. As such, the Directors continue to impose disciplined cost controls and the Company is maintaining very limited operations.

Lb28

Good info!!

the end of motif is only a curtain away.

Jj:-))

Sounds good dead cat bounce for sure.

Sam

I do believe investors will be left dry(RTO carry that risk). But that does not mean Jack s**t atm with covid 19. I will buy for the fun of it just to say I got the last profit out of lumsden tenur

Sam12345 how long have you got read all the rns would take some time. Basically the company is doing a reversed takeover. Today appointed a new reshuffled board to take it forward using their targeted formula using inhalers.

Let -it -roll

I was thinking the same hmmmm my little gray cells tells me it is a close call for sure. But nevertheless a bit of fun for the isolated nations.

Missthepenny thanks all in the rns to see. Delisted on the nas

MONEYMUNCH CHEERS YOUR GOOD REALLY GOOD

The most have a plan going forward with the new bod. Still don't like lumsden. Bad memories for sure

Thanks sharedealer2019

Gonna be a eventful week for sure fingers crossed

Moneymunch I was just typing a similar post. But you got there first. Better anyway. Agree

Sharedealer what buy share patterns ?

Missthepenny agree something brewing for sure.

I traded mtfb in the past and made loads but also lost loads. Most investors lost out big time for sure. 2mr gonna be a bit of fun investing in the old lady

If you got the balls trade 2mr. But it is after all a RTO. You could be left with nothing.

Cp00

Yes the connection is ace. Good post

Pebsi correct

Ivyspikey was a valued poster. So was many others

The Company also has plans to develop iclaprim for hospital acquired bacterial pneumonia (HABP), including ventilator associated bacterial pneumonia (VABP), as there is a high unmet need for new therapies in this indication. A Phase 2 trial in patients with HABP has been successfully completed and a Phase 3 trial is being planned. Additionally, iclaprim has been granted orphan drug designation by the FDA for the treatment of Staphylococcus aureus lung infections in patients with cystic fibrosis and is in preclinical development for this indication

Moneynutch I think you just did