Plans to start Phase III trials this year in two serious hospital-acquired infections
Motif BioSciences, a US-based drug discovery and development company focused on solutions for the antibiotic crisis, is to merge with a private company that holds the intellectual property and worldwide rights to a clinical stage antibiotic against MRSA and multi-drug resistant bacteria. Motif plans to start Phase III trials this year in two hospital-acquired infections.
The deal closure is conditional upon Motif completing an IPO before 31 March.
Motif has completed a pre-IPO AIM financing of £470,000 through the issue of convertible promissory notes. These notes will automatically convert into ordinary shares upon an AIM admission on or before 31 March.
Motif is a partner company of Amphion Innovations, a developer and financier of medical, life science, and technology businesses. As of 31 December 2013, Amphion owned 32% of Motif.
Richard Morgan, CEO of Amphion, said: 'The acquisition of this clinical stage antibiotic is a game changer for Motif.'
'Motif's upcoming IPO will fund this exciting plan and we believe will generate and return value to both Motif and Amphion shareholders alike.'
Amphion has significant shareholding in seven partner companies, which collectively own or control more than 200 separately identified pieces of intellectual property.