The AIM-listed drug developer company said the monies raised will be used to fund near-term regulatory and pre-commercial investments for iclaprim, its next-generation antibiotic, and to strengthen the company's balance sheet.
Graham Lumsden, Motif Bio’s chief executive officer, said: “This funding, along with our existing resources, allows us to fund some regulatory and pre-commercialisation investments for iclaprim and strengthen our balance sheet ahead of entering into more advanced discussions with potential partners to commercialise iclaprim in the U.S. and elsewhere."
iclaprim is being developed to treat acute bacterial skin and skin structure infections (ABSSSI).
It passed a major milestone last year when it successfully concluded a second phase III clinical trial and in March initiated a rolling submission to the US Food and Drug Administration, while also preparing a marketing authorisation application to the European Medicines Agency.
The submission is expected to be completed in the second quarter of 2018.
The drug is a gram-positive antibiotic targeted especially to those who may have impaired kidneys, and/or face other compromising factors, such as diabetes.
It is estimated that up to 26% of the 3.6mln patients hospitalized annually with acute bacterial skin and skin structure infections have kidney disease.
Antibiotics are the most commonly prescribed class of drug, representing a global market of US$40bn. New, innovative approaches are needed, due to ever-evolving drug-resistant strains of bacteria.
The global market for antibiotic drugs targeting difficult-to-treat infections, such as ABSSSI, is an estimated US$3bln and is dominated by vancomycin, a traditional first-line treatment.