13th Jul 2016 08:13
LONDON (Alliance News) - Shares in biopharmaceutical firm Motif Bio PLC rose Wednesday morning after it said it had filed to list American Depositary Shares on the NASDAQ Global Select Market.
The company's shares will continue to trade on the AIM market in London. The number of ADSs to be offered and the price of the offering have not yet been determined, Motif said, but it said it will publish a circular to shareholders on Wednesday seeking the authority to allot up to 100 million shares pursuant to the offering.
A timetable for the listing has also not been determined.
Shares in Motif were up 8.3% at 49.00 pence.
Amphion Innovations, which holds a 26% stake in Motif, noted the company's intention to list.
Separately and unrelated to Motif, Amphion said it has agreed terms to draw down an additional tranche of USD750,000 under its loan facility. It will receive the proceeds of this additional draw immediately.
Shares in Amphion were up 16% at 3.64 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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