Motif Bio PLC Stmnt re Share Price Movement (5996J)
14 Aprile 2020 - 2:21PM
UK Regulatory
TIDMMTFB
RNS Number : 5996J
Motif Bio PLC
14 April 2020
Motif Bio plc
("Motif Bio" or the "Company")
Response to Share Price Movement
Motif Bio plc (AIM: MTFB), which has been reclassified as an AIM
Rule 15 cash shell, notes the recent appreciation in the Company's
share price and confirms that it is not aware of any material basis
for the increase.
As announced on 28 January 2020 and 18 March 2020 Motif
BioSciences Inc. ("Motif Inc"), the company's wholly owned
subsidiary, 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 no assurances can be given that there will
be a transaction to monetise the assets.
Following its reclassification as an AIM Rule 15 cash shell in
January 2020, 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. At present,
no assurances can be provided that the effort will be successful to
source and/or complete a reverse takeover transaction.
Motif Bio's cash balance was approximately GBP0.25 million as at
14 April 2020 and with outstanding and expected near term
obligations the Company currently has sufficient working capital
into May 2020. As such, the Directors continue to impose
disciplined cost controls and are considering the Company's short
term funding options. At present, no assurances can be provided
that the effort to source adequate or any additional funding will
be successful.
The Company's Directors will provide shareholders with further
updates as appropriate.
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
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(END) Dow Jones Newswires
April 14, 2020 08:21 ET (12:21 GMT)
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