Motif strikes a deal needed to trigger Nasdaq IPO; OncoGenex cuts more staffers to conserve cash
UK antibiotic developer Motif Bio (AIM: MTFB) may have sorted out its financial woes, for now. The biotech made a deal to float its US IPO, conditional on a European placement to raise $25 million. And the company says it has the support needed to get that done.
OncoGenex Pharmaceuticals is laying off another 5 staffers, according to an SEC filing. The Bothell, WA-based company cut 27% of its staff back in February as it looked to conserve enough cash to see through a Phase III program.
New York-based Neurotrope, a penny stock biotech which trades OTC, has raised $20 million to fund its research on new drugs for neurodegeneration, including Alzheimer’s. The biotech says it plans to spend the cash on its Phase II study.