Modus Therapeutics AB, a Stockholm, Sweden-based company developing innovative treatments in unmet medical need disease areas with a focus on sickle cell disease (SCD), raised SEK140m in financing.
The round was led by new investor HealthCap, which will invest SEK 60m in a series A financing. At the same time, existing shareholders will convert outstanding convertible notes into shares. The new equity investment together with the conversion amounts to over SEK 140m.
The company intends to use the funds to to continue the clinical development of sevuparin for sickle cell disease.
Led by Ellen K Donnelly, PhD, CEO, Modus Therapeutics biotech company developing sevuparin for diseases with high unmet medical need with a focus on sickle cell disease (SCD) and malaria.
Sevuparin is currently being tested in a Phase II clinical study for SCD – an inherited blood disorder affecting millions of people around the globe.
Modus plans to develop an administration form of sevuparin that the patient can self-administer allowing them to live a more normal life by preventing the painful episodes requiring hospital care.
predominantly owned by KDev Investments AB, a part of Karolinska Development AB (Nasdaq Stockholm: KDEV) and Rosetta Capital. HealthCap now joins other large owners that include The Foundation for Baltic and European Studies (Östersjöstiftelsen), Ergomed and Praktikerinvest AB.