Business Update: Motif Bio

Reclassified as an AIM Rule 15 cash shell, following completion of restructuring approved by shareholders in November 2019, Motif Bio plc (AIM: MTFB), announces a business update regarding progress towards completing a reverse take-over pursuant to AIM Rule 14 (“RTO”).

The Company is currently advancing the necessary work streams to complete the RTO process with a UK based candidate in the healthcare sector.  The Board expects to provide shareholders with a further update during the second half of January.

Following its reclassification as an AIM Rule 15 cash shell in January 2020, the Company is required to make an acquisition which constitutes a RTO by 28 January 2021, failing which the Company's admission to trading on AIM may be cancelled. At this stage, there can be no assurance that the Company will be able to complete this or any other RTO transaction.

The person responsible for the release of this announcement on behalf of Motif Bio is Jonathan Gold, President and Chief Business Officer.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.