Motif Bio PLC Corporate Update (5384G)
18 Marzo 2020 - 08:00AM
UK Regulatory
TIDMMTFB
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 a dmission 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.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
ir@motifbio.com
Motif Bio plc
Graham Lumsden (Chief Executive Officer)
SP Angel Corporate Finance LLP (NOMAD
& BROKER) +44 (0)20 3470 0470
David Hignell/Caroline Rowe (Corporate
Finance)
Vadim Alexandre/Abigail Wayne (Sales
& Broking)
Walbrook PR Ltd. (UK FINANCIAL PR
& IR) +44 (0)20 7933 8780
Paul McManus motifbio@walbrookpr.com
Forward-Looking Statements
When used in this Press Release, the words or phrases "intends,"
"anticipates," "expected to be" or similar expressions are intended
to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties including, but not
limited to, changes in economic conditions in the Company's market
area, changes in policies by regulatory agencies, fluctuations in
interest rates, competition that could cause actual results to
differ materially from historical earnings and those presently
anticipated or projected, and other risks described in the
Company's filings with the Securities and Exchange Commission. The
Company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
The Company advises readers that the factors listed above could
affect the Company's financial performance and could cause the
Company's actual results for future periods to differ materially
from any opinions or statements expressed with respect to future
periods in any current statements. The Company does not undertake,
and specifically disclaims any obligation, to publicly release the
result of any revision which may be made to any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEAEDXFSSEEAA
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March 18, 2020 03:00 ET (07:00 GMT)
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