TIDMMTFB
RNS Number : 7166L
Motif Bio PLC
04 May 2020
Motif Bio plc
("Motif Bio" or the "Company")
Directorate Changes & Corporate Update
Motif Bio plc (AIM: MTFB), which has been reclassified as an AIM
Rule 15 cash shell, announces the following changes to the Board,
with immediate effect:
- Chris Wardhaugh is appointed as a Non-Executive Director;
- Jonathan Gold, the Company's current Chief Financial Officer
('CFO'), has been appointed as President and Chief Business
Officer;
- Graham Lumsden, the Company's Chief Executive Officer ('CEO'),
will step down from his role as CEO and become a Non-Executive
Director; and
- Bruce Williams continues in his role as Chairman.
Christopher (Chris) Wardhaugh
Chris is currently a Non-Executive Director of Altair Medical
Limited and Lamellar Biomedical Limited, both based in Scotland.
Chris is also Chief Business Officer of MGB Biopharma Limited, a
clinical-stage antibiotic company and is the founder of Sercader
Limited, a life sciences advisory firm.
Chris has over 28 years' experience in life sciences with
international experience across large and small companies, all
stages of development and commercialisation of companies including
preclinical and clinical development, product launches throughout
Europe and the United States, M&A and corporate development.
Chris has an impressive transaction history working on deals
including product licensing, IPOs and both Angel and VC
investments.
Commenting, Bruce Williams, Chairman of Motif Bio, said: "We
welcome Chris to the Board as we focus on sourcing an appropriate
reverse takeover candidate for Motif Bio. We believe that the
Company will benefit from Chris's breadth of knowledge and
transactional experience and we will provide shareholders with
further updates in due course."
Jonathan Gold
Jonathan Gold is appointed President and Chief Business Officer,
an expanded role that includes his previous responsibilities as
CFO.
Graham Lumsden
Graham has stepped down from his role as CEO, a role he has had
since the Company's IPO in 2015. Graham will continue to support
the Company as a Non-Executive Director.
Current Financial Position
The Directors of Motif Bio have continued to impose disciplined
cost controls, with the Company maintaining very limited
operations. As a result, Motif Bio's cash balance is approximately
GBP0.23 million as at 4 May 2020, which has allowed the Company's
cash runway to be extended into June.
The Company's Directors remain focused on sourcing an
appropriate reverse takeover candidate for Motif Bio. 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. At
present, no assurances can be given that the efforts to source
and/or complete a reverse takeover transaction will be
successful.
The following information is disclosed pursuant to Rule 17 and
Schedule Two Paragraph (g) of the AIM Rules for Companies:
Christopher Thomas Wardhaugh, age d 50 , holds or has held the
following directorships or partnerships in the past five years:
Current Directorships or Partnerships Previous Directorships or Partnerships
Altair Medical Clyde Biosciences
Lamellar Biomedical
Sercader Limited
Chris currently holds no interest in the ordinary share capital,
or other securities, of Motif Bio.
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
Jon Gold (President, Chief Business
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 / Lianne Cawthorne 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
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May 04, 2020 02:00 ET (06:00 GMT)
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