Motif Bio Acquires Late Stage Antibiotic and Announces Pre-IPO Financing
Amphion Innovations, a developer of medical, life science, and technology businesses, is pleased to announce that Partner Company, Motif BioSciences Inc. ("Motif"), has entered into an agreement to merge with a private company that holds the intellectual property and world-wide rights to a clinical stage antibiotic designed to be effective against MRSA and multi-drug resistant bacteria (the "Acquisition"). Motif plans to start Phase III trials this year in two serious hospital-acquired infections.
Completion of the Acquisition is conditional inter-alia upon Motif completing an IPO before 31 March 2015.
Motif is a US-based drug discovery and development company focused on developing solutions for the antibiotic crisis. As of 31 December 2013, Amphion owned 32% of Motif.
Amphion is also pleased to announce that Motif has completed a pre-IPO AIM financing of £470,000 through the issue of convertible promissory notes ("Notes"). The Notes will automatically convert into Motif ordinary shares upon an AIM Admission on or before 31 March 2015. Should Motif not complete its proposed AIM listing by 31 March 2015, the Notes are convertible into Motif ordinary shares, Amphion ordinary shares, or repayable in cash over nine months at the option of each Note holder.
Amphion looks forward to updating the market on Motif's proposed IPO in due course.
Richard Morgan, CEO of Amphion, said:
"Resistance to antibiotics is a major global public-health crisis. The most urgent need for novel antibiotics effective against multi-drug resistant bacteria is in the hospital setting where patients often succumb to serious, life-threatening infections that require immediate treatment with the best available antibiotic.
"The Acquisition of this clinical stage antibiotic is a game changer for Motif. As a result of change in the regulatory environment geared to encourage new antibiotics, we believe we have identified the right course for regulatory approval. Motif's upcoming IPO will fund this exciting plan and we believe will generate and return value to both Motif and Amphion shareholders alike. "
About Amphion Innovations plc
Amphion Innovations is a developer of medical, life science and technology businesses.
We use our extensive experience in company building to invest and build shareholder value in high growth companies in the US and UK. Amphion has significant shareholding in 7 Partner Companies developing proven technologies targeting substantial commercial marketplaces. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
On the web: www.amphionplc.com
Amphion Innovations plc
+1 212 210 6224
Yellow Jersey PR
Dominic Barretto / Fiona Walker
+44 7768 537 739