Motif Bio PLC (LON:MTFB) said it will pay interest only on its loan from Hercules Capital after the latter pushed out the latest amortisation date a month to October 1 to support Motif’s cash management efforts.
The arrangement comes at a crucial juncture for the UK drug developer, which meets the US Food & Drug Administration on September 19 to agree the details of an additional clinical trial on its antibiotic iclaprim.
“We appreciate the continued support and flexibility of Hercules and the confidence that they have in our team to deliver on our strategic goals,” said chief executive Graham Lumsden.
He added that Motif is “actively pursuing options” to broaden its pipeline.
Thirty days after meeting the FDA to discuss the new trial, minutes will be published by the regulator allowing the firm to update the market.
The FDA wants additional data so it can “further evaluate the risk for liver toxicity” before it decides to grant new drug approval.
In June, Motif released new data for its iclaprim antibiotic at a major industry conference in San Francisco, California.
Three posters were presented at the American Society for Microbiology (ASM) Microbe 2019 meeting.
In August, Motif revealed that it was assessing the potential for iclaprim as a treatment for the life-threatening infection Listeria.