But gaining that approval is no mean feat. Final phase clinical trials don't come cheap and over the past few months Motif Bio has had a hard time finding the cash it needs. In June, the group's plans to raise money on Aim were quashed by the surprising outcome of the EU referendum. So in July it filed a registration statement to list and raise money on the tech-savvy US market Nasdaq. But within a month it was forced to defer that listing due to "market conditions".
Try, try again
Four months on and the group has managed to secure a place on Nasdaq through the initial public offering (IPO) of 2.44m American Depository Shares (ADS) and 1.22m warrants over ADSs. But regulators of the US index only allowed this IPO on the provision the group also places new shares in Europe. Accordingly, last week Motif Bio listed new ordinary shares on Aim at 28p a share which, alongside the money from Nasdaq, helped to raise approximately $25m (£20.1m).
So Motif has got finally what it wanted and secured that Nasdaq listing, but questions remain. For example, why has the group been so desperate to list in the US when Aim investors have provided funds at the first time of asking?
"There are two key reasons for wanting to list in the US," said chief executive Graham Lumsden. There is a greater pool of money stateside and more lifescience dedicated funds willing to contribute to potential capital raises. And capital is something that Motif is going to continue to need.
Treatment costs
The net $21.4m from the dual placing has given the group enough money to complete its Phase III trial into the efficacy of iclaprim in acute bacterial skin and skin structure infection, but beyond that, more cash will be required.
But share placings are not the only way to raise money and Mr Lumsden revealed the team is also considering utilising a venture debt company and is in talks with four government departments which could provide grants to help launch iclaprim.
"But I can pretty much promise there won't be any more announcements this year," he said.
